Asia is a former personal finance writer for the Money and Markets team at Forbes. Before joining Forbes, she reported for Financial Advisor magazine and also wrote for The Cranford Chronicle, NJ.Com and ThePopBreak.com.[author_bio_separator] She als.
Asia is a former personal finance writer for the Money and Markets team at Forbes. Before joining Forbes, she reported for Financial Advisor magazine and also wrote for The Cranford Chronicle, NJ.Com and ThePopBreak.com.[author_bio_separator] She als.
Written ByAsia is a former personal finance writer for the Money and Markets team at Forbes. Before joining Forbes, she reported for Financial Advisor magazine and also wrote for The Cranford Chronicle, NJ.Com and ThePopBreak.com.[author_bio_separator] She als.
Asia is a former personal finance writer for the Money and Markets team at Forbes. Before joining Forbes, she reported for Financial Advisor magazine and also wrote for The Cranford Chronicle, NJ.Com and ThePopBreak.com.[author_bio_separator] She als.
Updated: Dec 20, 2019, 8:18am
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In the Credit Management Kit for Dummies, author Stephen R. Bucci offers a catchy way to think about your credit report: it’s like a dating profile written by the people you’ve previously dated or a resume put together by your previous employers. Moreover, those recollections by your exes will determine what kind of date or job interview you can get in the future.
Bucci’s comparison motivated me to be more conscientious about reviewing my credit report and staying on top of my credit score. It should encourage you to do so, too.
This miniature guide will take you through the basics of reviewing your credit report.
There are a few ways to get your credit report. One way is to get your reports free once a year through AnnualCreditReport.com. The Fair Reporting Credit Act (FCRA) makes every resident entitled to a free copy of their credit report from all three reporting bureaus (Experian, Equifax and TransUnion), but only through AnnualCreditReport.com. Anything requested within 12 months of your last inquiry or outside of AnnualCreditReport.com requires a fee. However, there are exceptions. If you have experienced identity theft, fraud, credit denial or are currently unemployed and planning to seek employment, then you can request another free copy.
You can get all three at the same time or you can space them out by requesting one report from a different bureau every four months. The former approach is good for tackling issues like identity theft or fraud. The latter helps you stay updated on new entries.
If you’re not comfortable requesting your free report online, you can request one over the phone at (877) 322-8228. You can also print off a mail-in application from the website and send it to the following address:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
Another way to get your report involves paying for it. You could go to any bureau’s website and request your report for a fee. For example, Experian will charge you $39.99 to get all three credit bureau reports plus your FICO credit score.
Your credit report is based on what creditors report about you. They report the amount of money they loaned you, whether you paid them on time or late and the balance on the loan. Your report may also include information from your public record and your history with previous landlords.
What your report displays depends on the bureau. There are, however, a few sections that are consistently displayed in all three reports. Below are the four most common sections you will see.
If businesses are scrutinizing your credit report, it’s good to make sure the information on your report is accurate. In 2015, the U.S. Federal Trade Commission reported 206 out of 1,000 survey participants disputed mistakes on their credit report and received their requested modifications. One hundred and twenty-nine participants experienced a credit score change from the modifications.
As you look through your information, check for errors such as misspelled names or incorrect numbers. Those kinds of errors can signify an issue with data entry like accidentally entering another person’s information under your name. It can also alert you to fraudulent behavior. Other errors like seeing a property you never bought or loans you don’t remember taking out are definite red flags.
Here is the Consumer Finance Protection Bureau’s list of what else to check for:
If you see any mistakes or major red flags, follow the directions on your report on how to dispute it.
Having inconsistent updates between the credit reporting bureaus isn’t anything to worry about. Remember, creditors are not mandated to report to credit reporting bureaus and if they do, they may not report to all three. You may see a creditor who reports to TransUnion and Experian, but doesn’t report to Equifax. In addition, they don’t update their report at the same time. One creditor may update your information monthly while others may do it every 45 days, according to TransUnion.
Monitor your credit report at least annually.
