Your credit reports can affect decisions about loans, housing, insurance, and sometimes employment. Reviewing them is not only something to do before a major application. A regular check can help you find inaccurate information or signs that someone used your identity.
Get all three reports
The three nationwide credit reporting companies do not necessarily receive the same information. An account or error may appear on one report but not the others, so reviewing all three gives you a more complete picture.
Save or print a copy of each report and note the date you obtained it. A credit report is different from a credit score: the report contains the account and payment information that may be used to calculate a score.
Check your identifying information first
Look at your name, current and previous addresses, and other identifying details. A minor variation is not always a problem, but an unfamiliar address, name, or account can be a sign that another consumer’s file was mixed with yours or that identity theft occurred.
Review every account line by line
- Ownership: Do you recognize the lender, collector, and account?
- Status: Is an account marked open even though you closed it? Are you listed as an owner when you were only an authorized user?
- Payment history: Is an on-time payment incorrectly shown as late?
- Dates: Do the opening date, last-payment date, and delinquency information make sense?
- Amounts: Compare balances and credit limits with recent statements.
- Duplicates: Make sure the same debt is not listed more than once under different names.
Also review the inquiry section. An inquiry you do not recognize deserves a closer look, especially if it appears with a new account or unfamiliar address.
If you find an error, build a clear record
Dispute the information with the credit reporting company that shows the error and with the business that supplied it, such as a lender or debt collector. Identify the exact account and field, explain what is wrong, say what correction you want, and attach copies—not originals—of supporting records.
Keep the report, dispute confirmation, letters, attachments, and results together. The Consumer Financial Protection Bureau says investigations generally take 30 days, although some can take 45 days. The credit reporting company generally must tell you the result within five business days after completing its investigation.
A simple review routine
- Review each report before applying for important credit.
- Check again after resolving identity theft or a reporting dispute.
- Compare corrected information across all three companies.
- Keep account statements that support your payment history.
- Use IdentityTheft.gov if an unfamiliar account appears to result from identity theft.
A report review cannot guarantee a particular score or approval. It can, however, help ensure that decisions are being made from information that actually belongs to you and is reported accurately.