3 Things to Check On Your Credit Report

Your credit report is one of the most important documents of your life. It’s like your financial permanent record. Nearly everything you do with money follows you around on your credit report for future creditors and lenders to see and judge you by. You should look at your credit report at least once a year to make sure everything’s being recorded correctly. Here are three things you should check when you review your credit report.

It’s your report. Check the name, current and previous addresses, and current and previous employers. Confirm that the correct names are associated with your social security number. Married women may see their maiden names on their credit reports. But, if you’re a Jr. or Sr., make sure the correct one appears on your report.

The accounts are yours. Look through each account to be sure it’s yours. Mistakes have been known to happen, putting the wrong credit card accounts on the wrong credit reports. If you find an account that doesn’t belong to you, dispute it with the credit bureaus. If you find multiple inaccurate accounts, you may have been a victim of identity theft. In that case, you should file a fraud alert with the credit bureaus.

Your payment history is correct. Each account lists the number of delinquencies you have in your payment history. For example, one of your accounts might say “30 days late, one time” or “charged-off.” Delinquent payment history is negative and can only be reported for seven years. If the late payments are inaccurate or the reporting time limit has passed, you can dispute the information with the credit bureau.


When you order your credit report, it will have instructions on disputing negative information. Make sure you send your dispute in writing and save a copy for yourself. Expect to receive a response from the credit bureau within 30-45 days.

Year-End Credit Report Review

By federal law, you’re able to receive a free annual credit report from each of the three credit bureaus – Equifax, Experian, and TransUnion. If you haven’t looked at your credit report all year, now’s a good time to order it. You can start the year off on the right credit foot.

The credit report won’t come to you automatically. Instead, you can check your free annual credit report at www.annualcreditreport.com without a credit card and without signing up for any kind of subscription service. Your credit reports will be available for download the same day you order them.

Once you get your credit report, you should review it thoroughly to make sure all the information included is accurate.

Make sure all the accounts that are being reported actually belong to you. Transposed social security numbers and other identity mix-ups can put someone else’s account on your credit report. You can have those removed. If you believe you’ve been a victim of identity theft, you should take extra steps to correct the situation.

Make sure each account’s payment history is accurately reported. Payment history has the biggest impact on your credit score. Inaccurately reported late payments will undeservedly cost credit score points.

Make sure the current balances and credit limits are correct. Your level of debt is the other big player in your credit score. As your balances get closer to your credit limit, your credit score starts to drop. Inaccurately reported credit card balances and limits could have the same effect.

You can have errors removed from your credit report by writing to the credit bureaus and providing proof of the errors.