Check Your Credit Report Regularly
Your credit score is important and you might even know your personal score, but have you checked the data behind it? That data is your credit report and you should check it a few times a year. Good news; the reports are available for free and it’s easy!
One of the best ways to review your reports is through annualcreditreport.com. This is the only free source for your credit reports as authorized by federal law. Please make sure you are on the correct website as there are imposters that might look and sound similar. Once on annualcreditreport.com, follow the instructions by filling out a form and chose which bureau’s report(s) you would like to run. Reports from each agency can be pulled at the same time or you might want to check each at staggered intervals throughout the year. Reports can be run for free weekly, so feel free to check as often as you would like.
Once you have obtained your report, review it top to bottom. Each report looks a bit different, but all of the information should start to look familiar as you evaluate. Your credit report will primarily show current and past loans with prior payment activity. Assess everything carefully and note any infractions (example: late payments). Decide if the infractions are legit, and work to correct anything that is improper by starting a dispute with the credit bureau. Also, make sure that you recognize all loans and activity. If a loan or credit card appears on the report that you do not recognize, someone may have fraudulently used your information to obtain credit. To correct something like a fraudulent credit card, you should contact the bank’s fraud department, submit a dispute with the credit reporting bureaus, and freeze your credit.
I hope that by checking your credit on a regular basis provides a level of peace and helps you to better understand how you are using credit. Please feel free to contact me to discuss specific ways to monitor, protect, and improve your credit.
This blog is for general educational purposes and does not constitute financial, tax, or legal advice. Please contact our firm for specific advice applicable to your personal financial situation.