Free Credit Reports Help Make Sense of a Bad Situation, Part II
In the last post we discussed the importance of taking advantage of our right to get our free credit report from each of the credit bureaus once within every twelve month period. Not enough consumers take advantage of the ability to get their free credit reports and the result is a lack of awareness of what exists on their credit report and a lack of understanding of how this is ultimately affecting their finances.
With a free credit report in hand consumers can begin the process of analyzing their information and taking the steps to improve their credit standing. This process may include the following:
• Check to make sure there is no erroneous information on your credit report. Inaccuracies that go unchecked can eventually have an incredibly damaging effect on our financial health. If you do spot any errors, immediately contact the credit bureau that is reporting this information – in writing – so that they can begin the process of looking into your claim. The credit bureau will contact the lender to validate the information that has been reported. If it is found that there has been an error it is incumbent upon the credit bureau to remove the information; but it is up to you, as the consumer, to follow up and make sure the information is removed.
• Check to make sure that there is no suspect information that could indicate identity theft. Our credit reports are often the first indication for many people that wrongdoing has occurred. If you suspect identity theft contact the authorities immediately
• Ensure that there are no open balances on your credit report that indicate a default on a loan. If so, contact the lender to make arrangements to pay outstanding balances. Follow up so that information is updated on your credit report.
With continued on-time payments and general financial responsibility you should see your credit score begin to rise. By staying on top of what your credit report is reporting about you, you will ensure that you – and only you – stay in control of your financial future.
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