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Home:
Credit Report: What
to look for on your Credit Report?
What to look for on your Credit Report?
In a word, inaccuracies. Mistakes are not entirely uncommon on
credit reports. Sometimes they're caused by simple human error,
other times they occur when credit files of people with similar
names are inadvertently mixed. Increasingly, unfamiliar or inaccurate
information can also be an indicator of identity fraud—when
someone uses your name and accounts without your knowledge. Look
closely at the following areas to catch mistakes or fraud:
- Personal Information—Are the names and addresses listed
on your report accurate? Often, an incorrect address or unfamiliar
suffix, such as Jr. or Sr., can be an indication that your file
may have been mixed with that of another person. Additionally,
a recent address change may indicate that someone is fraudulently
opening accounts in your name, but routing the bills to their
address.
- Public Records—If any bankruptcies, judgments or liens
are listed in this section, make sure they are accurate and
complete. Remember, some bankruptcies can stay on your report
for up to 10 years while others cycle off after seven years.
- Accounts—You will notice basic information such as your
credit limit, current balance, and date the account was opened.
Also check out the detailed payment information by month for
incorrect late payments or charge-offs.
Remember to check for unfamiliar accounts or activity on accounts
that you thought were closed. Someone besides you could be using
the account.
- Inquiries—This section shows you who has received information
from your credit report and who was given your name during the
recent past, as allowed by law. Often, credit grantors will
"pre-screen" your credit file in order to offer you special
rates. Additionally, inquiries are recorded when you apply for
new credit or authorize an employer or insurance company to
check your credit history.
Get Your Free Credit Report!
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