Do You Know What’s in Your Credit Report?
Reading your credit report can seem overwhelming at first, but it’s important to understand what’s included in it so you can ensure it is accurate and make certain that your credit is in good standing.
Credit monitoring services are a great tool, but they may not show you all the information related to your accounts. We recommend you request a free copy of your credit report from the credit bureaus at AnnualCreditReport.com to compare with any credit monitoring apps you may be using. Read more to find out what you should look for in your credit report.
Here are the steps you should take when reading your credit report:
1. Get a copy of your credit report.
You can get a free copy of your credit report once a year from each of the three credit bureaus (Equifax, Experian, and TransUnion) by visiting AnnualCreditReport.com.
2. Check your personal information.
Make sure your name, address, and social security number are accurate. If there are any errors, contact the credit bureau to correct them. Your credit report may also include an employment section that lists some of your former employers.
3. Review your credit accounts.
Your credit report will list all of your credit accounts, including credit cards, loans, and mortgages. Make sure that each account is yours and that the information, such as the balance and payment history, is correct.
4. Check for missed payments.
Your credit report will show any missed payments, which can negatively affect your credit score. If you find any errors, contact the creditor to correct them.
5. Check your public records.
Public records may include bankruptcies, civil suits and judgments, foreclosures, and liens. Make sure the information in this section is accurate and up-to-date.
6. Check your credit inquiries.
Your credit report will show a list of companies that have requested your credit report. If you see inquiries from companies that you don’t recognize, it could be a sign of identity theft.
If you find any errors in your credit report, contact the creditor or the credit bureau to dispute them. By regularly checking your credit report, you can ensure that your credit is in good standing and take steps to improve it if necessary.
You can read more about your credit on our crash course, Grow & Learn: Credit 101.
