Applying for a credit or a loan induces the need for a credit report. And, if you still don’t know what you should look out for in your data, this quick guide is for you!
There are no such things such as an endless request for credit report by yourself. Moreover, a heap of credit inquiries can hurt your credit score. So, it’s important that you make each perusal of your report effective and purposive.
Here are the things you should check out:
1.Your financial history
Modern banking might be reliable, but there is still cases of incorrect listing. It can range from your payments not being credited, your debts being filed twice or your payment notation incorrectly listed.
Knowing what’s happening on your account is vital to your financial life. Make sure to pay attention to this section.
Your report is inclusive of every transaction. Verify every information and ensure that the details are the same with what you remember. If you feel that there is incorrect listing on your account, you can reach out to your credit provider to resolve the issue. It’s also advisable to call for your credit report provider o omit inaccurate detail.
Try to check on your credit balance and total outstanding debt. There are instances that this can also be wrong.
Keep tabs too on signs of identity theft. This is where other people access your accounts without you knowing of it. This fraud is not always real-time detectable by the victims. For all the good of technology, there are still cases of identity theft because of data breaches. So, when you got your hands on your credit report, review all the transactions. Confirm that it’s only you that have access to your accounts.
- Your public records
Details that involves the government is listed here in this section. You can see here your record on the tax lien, lawsuits you are involved in and bankruptcy you filed. So, all your proceeding with the government involved can be seen here. This section has a strong repercussion to your lender’s impression of you.
If you find something wrong here, you should report this to your credit provider and credit report agency. Disputing public records will be much harder. But, it’s vital that you got the incorrect details deleted out of your account.
- Your personal information
Believe me or not, there are chances that they spelled your name wrong. This section shows your date of birth, gender, residential addresses, Social Security number and current employer. If there are missing or incorrect details, make sure to notify the authority.
- Your inquiries history
Every inquiry is recorded. This can be your own request. This also includes from your lender’s. When you apply for a new credit, like a credit card, loan or mortgage, this is all listed in your credit report.
This section also indicates whose businesses request a credit report on you. If there is an unfamiliar inquiry that you’re sure you don’t apply to, this can be a sign of identity theft. Other might be seeking financial information out of you through this. Again, contact the authorities for this.