Have you checked your credit report recently? If you’ve applied for a new line of credit, a mortgage or even a job, chances are good that a lender or employer has looked at your credit history. For people with good credit, these inquiries are nothing to worry about. But what if your credit report has false information? Your sterling credit history could suddenly take a turn for the worse.
How common are errors on credit reports? The answer may surprise you. A recent survey by CardRatings.com polled readers about the accuracy of their credit reports. Of the 2,142 respondents, approximately three out of four (1,568 total) reported finding an error at one time or another.
Some errors may not have a huge impact, but what if your credit report is switched with someone else who has the same name? Or what if the credit card debt you paid off a year ago still shows up on your record?
If you’ve discovered an error on your credit report, be sure and notify the credit bureau(s) that listed the error in writing. Be sure and provide the following items in your correspondence:
- Your complete name, Social Security number and address
- Details about which items you are disputing and the reasons for doing so
- Account numbers, invoice numbers, check numbers, payment dates or anything else that may help correct the error
You may send the documentation via snail mail or online. If you decide to mail items, send your letter by certified mail with a return receipt requested so you know the credit bureau received everything.
If you haven’t checked your credit report recently, why not do so now? FreeScore offers access to your three credit scores and reports from the national credit bureaus: Equifax, Experian and TransUnion. You’ll enjoy the advantage of being able to see all 3 reports and scores at any time in one convenient source. By signing up for the Power of 3, you’ll also receive 24/7 credit monitoring and automatic alerts to help you stay up-to-date and informed of suspicious activity on your credit profile at each bureau. Don’t get caught paying for someone else’s mistake. Let FreeScore provide you with the knowledge and tools you need to protect, manage, and get the most out of your credit.
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