5 reasons to check your credit report regularly in times of Covid-19

As the Pandemic hit hard, RBI was generous enough to introduce a moratorium, where the loan repayment was extended and credit score was also not harmed. If you have registered yourself under this moratorium, possibilities are there that there can be issues in your credit report regarding the credit score and credit account. What if your credit score has been altered during the pandemic even after subscribing to the moratorium?

If so, you must review the credit report on a regular basis so that you are not facing any issues. Also, any error or misinformation under such confusion can lead to your credit score downfall during such a crisis, where every home is in need of financial support. More than any other situation, during this Pandemic you must ensure and check credit score online with the help of free apps. Why? Check that now!

Check your creditworthiness: During this stressful pandemic where jobs are lost and salaries are deducted, you need to keep a regular check on your credit score and report. It helps you to understand where you stand in terms of credit and if you are liable for any financial help in the future. At regular intervals, you need to check your credit score, so that you know which way you can make things better.

Correct errors and misinformation: During the moratorium where loan and credit went through various changes, it is possible for a minimal error which can affect your credit score. Any mistake in credit history can affect your score without your knowledge. Look for errors that have affected your score, if you expected a better one.

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Meet emergency needs: During the pandemic, if you constantly check reports, you can timely correct errors and work on your credit score. This situation can demand a financial need at any point in time, so be credit ready if in case you need a loan to meet an emergency. If you are consistent, you can increase your score and easily apply for a loan that gets approved easily.

Timely detection of errors: If errors in credit repayment and personal information are detected on time, you can rectify them easily. It takes a lot of time to make changes, so the faster will be better. You need to make changes on time so that it gets rectified before any delay.

Detect hard enquiries: if you are consistent in checking your credit report you can spot the hard inquires given by the loan providers. When a loan provider checks your credit score, it deducts a few points and lows down the score. The moment you find any hard enquiry, contact your loan provider.

Wrapping up For a positive financial journey and to fight back this COVID era, you must ensure a regular credit score check online and build a strong financial base. For any emergency need or crisis during this world-affected scenario, you can easily apply for a loan to meet your daily needs or a medical emergency.