You must monitor your credit report regularly even if you do not plan to take a loan!!

2 min readJan 29, 2022


The article and tweet thread on receiving credit reports for free without fear of spam calls were well received.

However, a few readers argued that they did not need to check their credit reports because they weren’t planning to borrow money.

Five reasons to check your credit report on a regular basis:

  1. Fraud & Identity theft: Monitoring your credit report on a regular basis can alert you if someone uses your documents to avail loans fraudulently. Identity theft is a growing threat, and everyone needs to guard against it.
  2. You as a Guarantor: From a legal standpoint, the guarantor’s obligation to loan repayment is equal to that of the borrowers. If you act as a guarantor for a friend’s loan, his credit behaviour will have an impact on your credit score also. The credit report is the only tool available for monitoring the credit behaviour of the borrower for whom you have acted as a guarantor.
  3. Loans/credit cards in future: Even if you don’t need a loan right now, you never know what the future holds. Your credit score may result in loan rejection when you need it the most. Improving your credit score is a long-term process that you will not be able to complete overnight.
  4. Interest Rates: Banks charge lower interest rates to borrowers with a high credit score.
  5. Comfort & Convenience: Banks now offer pre-approved loans to their customers with excellent credit history. Customers can avail of these loans using Internet Banking services without ever visiting a bank branch. You can avail of a pre-approved loan on a 24*7 basis within a few minutes. They can be a life saver in times of emergency.

Bottomline: You must check your credit report on a regular basis.

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Driven to Learn. Driven to Improve. Driven to Share. Excel and Personal Finance enthusiast.