A good credit report gives you a better chance of being approved for a car loan, mortgage, or credit card. Even if you aren’t planning to borrow money in the near future, your credit report may be used by insurance companies, landlords, or potential employers to make decisions that impact your future.
Since your credit report may be used in so many different situations, it’s a good idea to regularly review your credit report. Getting in the habit of reviewing your credit report regularly can also help to spot identity theft when it first starts.
Consumers are entitled to a credit report each year, which can be obtained from AnnualCreditReport.com. You may be saying to yourself “What items should I regularly review on my credit report?” You should check that everything on each of your credit reports is accurate, from your personal information, to accounts reporting as open or closed, to negative items.
Your Personal Information
Your credit report includes your name, address, phone number and social security number. Make sure there are no spelling errors or addresses that you don’t recognize. If you find errors in your personal information, contact the credit bureau.
Check the list of open accounts including balances and payment history. Make sure there are no accounts being reported that you didn’t open. Check that accounts that you’ve closed aren’t reporting as open and that your payment history is reporting correctly. Verify that credit limits listed are correctly. Creditors aren’t required to report to all three credit bureaus, so you may find that not all your accounts are on every credit report.
Is there any negative information being reported, and if so, is it legitimate? If you’ve made payments late in the past that ended up in collections, this information will stay on your credit report for seven years. If you’ve filed bankruptcy, it may stay on your credit report for up to ten years.
Items that are in public records such as tax liens or civil judgements may also show on your credit reports. Check that nothing’s being reported that isn’t accurate and dispute negative information that’s being reported past the credit reporting limit.
The number of credit inquiries that have been made recently can also affect your credit. Do you recognize hard inquiries listed on your credit report? If there are any that you don’t recognize, it’s a red flag that your identity may have been stolen.
Disputing Errors on Your Credit Report
Mistakes on credit reports are more common than people realize. If you find any errors on your credit report, dispute them immediately. The easiest way to take care of this is with Dovly’s help. We’re an automated credit repair engine, and we can help you track, manage and fix your credit. Once you review your credit reports, let Dovly know what needs to be disputed and we’ll get to work while you sit back and relax. As your score increases, you’ll be in a better position to be approved for credit on the best terms. Sounds good? Contact Dovly today.