As you get older, you may be paying off debts and may not be thinking as much about taking on new loans or whether you are credit worthy or not. The fact remains, however, that senior citizens should check all three credit reports and scores. In cases where a senior has gotten older, gone into a nursing home and is no longer managing his or her own affairs, this task may fall to family members who have power of attorney and authority over the senior’s financial assets. Even in these cases, it is still important to check the senior’s credit report and credit score, despite the fact that it is unlikely the senior will borrow more money.
Why is it Important for Seniors to Check All Three Credit Reports and Scores?
It is important for seniors to check all three credit reports and scores because a senior citizen could be the victim of identity theft. There are many scammers who specifically target older people because they know that seniors may not be up-to-date on technology or may have fears about their finances and health. If a senior’s memory is going or the older person is experiencing cognitive difficulties that tend to come with age, this also makes a senior more vulnerable to falling victim to a scammer who is out to steal his identity. Checking all three credit reports and scores can help senior citizens and their family members to identify when personal information has fallen into the wrong hands and been misused.
How Does Checking All Three Credit Reports and Scores Benefit Seniors?
When you check all three credit reports and scores for yourself or for an older family member, you should quickly be able to see whether there have been any new inquiries. Each time someone applies for credit, an inquiry is listed on that person’s credit report. If the senior isn’t applying for new credit at all, and an inquiry shows up, this can be a strong indicator that someone else has applied for credit with the intent to commit identity theft. Likewise, new accounts showing up on a credit report or unexplained charges on a credit account can also be a red flag that something is wrong and that the creditors (and possibly the police) need to be contacted.
Check All Three Credit Reports and Scores Regularly
Financial abuse is one of the most common types of abuse that affect older people in the United States, and it is very important to always be on the lookout for signs of problems. Visit Credit Report 123 today to learn more about how to obtain all three credit reports and scores and how to check those reports and scores regularly to protect yourself or vulnerable loved ones from having their identities stolen and their credit destroyed