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Five Reasons Why Students Should Monitor Their Credit Score

Last updated: 2nd April, 2014

Monitoring your credit score should be as important to you as monitoring your diet or overall health. Your financial health influences not only your present life but also your future. Most people start monitoring their credit scores only when applying for a loan or when they find themselves in financial troubles. Financial experts suggest that you check your credit score regularly for several reasons, the most important one being that you will need a clean credit record for your future investments such as buying a home or a car.

Good Reasons For Monitoring Your Credit Score

Monitor and Protect

We live in a digital age where all your personal data can easily be accessed by cyber criminals from anywhere in the world and leave you penniless in an instant; or even worse, by stealing your identity they can get a bank loan in your name so you will be in trouble years later. Think about this next time you use your credit card or when you are asked for your personal information by suspicious emails or phone calls.

Learn

Another reason for you to monitor your credit score is that by tracking records of your financial status you actually learn to manage your own finances so that you can deal responsibly with any of your future loans.

Changes

If you take care of your credit score you will know when it drops or increases so you can change your spending habits accordingly. Most young people tend to spend their student money on things other than studies and books. If you are one of them then monitoring your credit score can save you time and money.

Errors

In cases of any report errors due to wrong information, or any late payments, it is important for you to spot them as early as possible so you can check with the bank or file a dispute to protect your consumer rights.

The Future

Remember that the way you deal with your credit reveals a lot about you and your attitude towards money and loans. Every single payment or loan stays on your reports for years and you cannot do much to change this. Your landlord, or even future employer, may use the information on your credit report to assess you, and an inability to pay your bills on time could hold you back. One or two late payments will not do much damage to your score, but repeated late penalty fees will, over time, damage it. If you have this problem, then you need to automate payments via direct debit or standing order. Even the most basic bank accounts like these offer these features, so there isn’t any excuse.

Get Responsible

Your mistakes when it comes to credit stay with you for a long time, so if your goal is financial freedom in the future, start acting now. Monitor your credit score regularly and take a responsible attitude to borrowing.

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