You have received your credit report, Now what do you do?
Now that you have your credit report in hand, it is time to take the proper steps to verify the
accuracy of your credit report.
Begin to review your information that appears on your credit report.
Things you should look for:
accuracy of your credit report.
Begin to review your information that appears on your credit report.
Things you should look for:
Most credit-reporting agencies give
you the ability to file your disputes
online. This may not speed up the
process, but it could make it much
easier for you.
If you elect to submit your dispute
through traditional mail services,
make sure that you send your
request Certified Mail - Return Receipt
Requested. In this way, you can have
proof of your mailing and receive
verification that the agency received
your letter.
The agency has a reasonable amount
of time to complete its investigation.
you the ability to file your disputes
online. This may not speed up the
process, but it could make it much
easier for you.
If you elect to submit your dispute
through traditional mail services,
make sure that you send your
request Certified Mail - Return Receipt
Requested. In this way, you can have
proof of your mailing and receive
verification that the agency received
your letter.
The agency has a reasonable amount
of time to complete its investigation.
The Federal Trade Commission (FTC) explains that if your dispute is frivolous, the
credit-reporting agency is not required to take any action.
The FTC does require that the credit-reporting agency must correct or delete any inaccurate,
incomplete or unverifiable information.
Once the credit-reporting agency completes their investigation, the agency will furnish you a
new report that reflects their findings.
credit-reporting agency is not required to take any action.
The FTC does require that the credit-reporting agency must correct or delete any inaccurate,
incomplete or unverifiable information.
Once the credit-reporting agency completes their investigation, the agency will furnish you a
new report that reflects their findings.
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The Fair Credit Reporting Act (FCRA) gives consumers the right to challenge incomplete or
inaccurate items that appear on their credit report.
If you discover information in your report that is incomplete or inaccurate, you must file a
dispute with the credit-reporting agency.
inaccurate items that appear on their credit report.
If you discover information in your report that is incomplete or inaccurate, you must file a
dispute with the credit-reporting agency.
- Verify that Your Name is spelled correctly and is complete
Creditors take into account the accuracy of the name on your credit report.
It is important that your credit report reflect your full and complete name as it appears on
your driver license or legal form of identification.
If your driver license shows ‘Junior’ or ‘Jr.’ make sure that your credit report reflects the
same.
If your driver license includes your full middle name, make sure that it is the same on your
credit report.
Incorrect names may be the result of data entry error. Be aware that having other names or
different spellings of your name on your credit report could be seen as an attempt to
deceive the creditor.
It is important that your credit report reflect your full and complete name as it appears on
your driver license or legal form of identification.
If your driver license shows ‘Junior’ or ‘Jr.’ make sure that your credit report reflects the
same.
If your driver license includes your full middle name, make sure that it is the same on your
credit report.
Incorrect names may be the result of data entry error. Be aware that having other names or
different spellings of your name on your credit report could be seen as an attempt to
deceive the creditor.
- Verify Date of birth is correct
A Date of Birth is a simple tool used by creditors to verify your identity.
A simple error in your credit report regarding your date of birth could cause you to appear
older or younger to the creditor.
Transposing your year of birth from ‘1975,’ to ‘1957’ is a mistake that can cause
tremendous chaos when trying to get approved for credit.
A simple error in your credit report regarding your date of birth could cause you to appear
older or younger to the creditor.
Transposing your year of birth from ‘1975,’ to ‘1957’ is a mistake that can cause
tremendous chaos when trying to get approved for credit.
- Verify current residence is correct
Your current address on your credit report should match your current utility bill or your
current phone bill.
This information is used to further verify your identity.
current phone bill.
This information is used to further verify your identity.
- Verify previous residence is accurate
Your previous residence is helpful in verifying stability.
If you are listing previous residency on your credit application, be sure that it is consistent
with the information on your credit report.
If you are listing previous residency on your credit application, be sure that it is consistent
with the information on your credit report.
- Verify Employer information is correct
Job stability is ranked very high when it comes to evaluating your credit report.
Be careful when indicating your job position and your date of hire on your credit application.
Your credit report may reveal this information and you will have trouble explaining why the
information on your credit application and your credit report do not match.
Inaccurate information could also cause a problem if you are applying for a job.
Be careful when indicating your job position and your date of hire on your credit application.
Your credit report may reveal this information and you will have trouble explaining why the
information on your credit application and your credit report do not match.
Inaccurate information could also cause a problem if you are applying for a job.
- Verify Creditor names are accurate
Prevent identity theft.
Verify that all creditors listed on your credit report are actual creditors that belong to you.
If you discover discrepancies or names of creditors you do not recognize, take action
immediately to submit a verification request to the credit-reporting agency.
Verify that all creditors listed on your credit report are actual creditors that belong to you.
If you discover discrepancies or names of creditors you do not recognize, take action
immediately to submit a verification request to the credit-reporting agency.
- Verify Inquiries are accurate
Inquiries are creditors that request your credit report after you have given them
authorization to do so.
Too many inquiries can have a negative affect on your credit score. This can be interpreted
as desperation on the part of the consumer as creditors decline your application for credit.
However, when inquiries are the result of comparison-shopping, such as for a vehicle or a
home, the inquiries are counted as one if they occur within a reasonable period, usually two
weeks.
To avoid a high volume of inquiries, it may be best to present to the creditor your most
current copy of your own credit report. Ask the creditor that they review your copy of your
credit report and based on that information, make you an offer of credit.
Explain that if you agree to their terms, you will authorize that they request a copy of your
credit report from their internal system.
authorization to do so.
Too many inquiries can have a negative affect on your credit score. This can be interpreted
as desperation on the part of the consumer as creditors decline your application for credit.
However, when inquiries are the result of comparison-shopping, such as for a vehicle or a
home, the inquiries are counted as one if they occur within a reasonable period, usually two
weeks.
To avoid a high volume of inquiries, it may be best to present to the creditor your most
current copy of your own credit report. Ask the creditor that they review your copy of your
credit report and based on that information, make you an offer of credit.
Explain that if you agree to their terms, you will authorize that they request a copy of your
credit report from their internal system.
- Out Dated information
In most cases, a credit-reporting agency may not report negative information that is more
than seven years old or bankruptcies that are more than ten years old.
If you discover negative information older than what is described above, you must submit a
written request to the credit-reporting agency to delete the out dated information.
than seven years old or bankruptcies that are more than ten years old.
If you discover negative information older than what is described above, you must submit a
written request to the credit-reporting agency to delete the out dated information.