Checking your credit report on a regular basis is an important step in taking proper care of your finances. Just as a car needs to receive regular maintenance in order to run properly, the same is true of your credit. In other words, by routinely conducting maintenance on your credit report, you can effectively maintain a higher credit score and reduce your risk of becoming a victim of identity theft. In order to perform this maintenance, however, you need to check your credit report on a regular basis and take steps to maintain and correct any problems you may find.
Obtaining a copy of your credit report is easier than you might think. In the past, you had to pay to get a copy of your credit report unless you met certain criteria. Thanks to legislation that was recently passed by the government, however, you can actually obtain your credit report for free each year. So, there is no reason to be suckered in by those commercials or websites that promise to provide you with a free credit report if you sign up for their programs. Rather, you can simply visit AnnualCreditReport.com to request a free copy of your report or you can call 1-877-322-8228.
Checking Your Report
Once you receive a copy of your credit report, be sure to check it over carefully. You should be looking for anything that looks suspicious as well as for any incorrect information. This includes checking on the dates your credit report claims your accounts were opened, as a report stating that your account was opened later than it actually was can have an adverse affect on your credit rating. In addition, be sure to check the credit limits on your credit reports and to make sure all of your current accounts are listed on your report.
Fixing Mistakes on Your Report
If you discover an error on your credit report, you should report it to the credit reporting bureau right away. Type a letter explaining the error and detailing why the information is incorrect and what you believe the information should be. If you have any documentation to help support your claim, make copies of that information as well. The better documented your information and the clearer your letter, the more smoothly the process can be completed.
After getting all of your documentation together, mail it to the credit reporting bureau with a mail received receipt request. This way, you will have documentation regarding when the letter was delivered to the company. From that point on, the company has 30 days to investigate the error and to either correct it or send you a letter explaining why the information will not be changed.
If you were correct and your credit report required changing, the credit reporting agency will send the information to the other credit reporting companies. Therefore, you don’t have to worry about contacting all of the agencies individually. The company will also send you a new report so you can see that the error has been fixed. If the company determines that the credit report should remain unchanged, on the other hand, you have the right to add a comment to the credit report that explains your position on the situation.
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