Why Should I Check My Credit Report?

by Gary on April 8, 2013

The worst thing you can do for your credit is to allow inaccurate or out of date information to remain on your credit report. By simply checking your credit report, you can stay apprised of all suspicious action.

Remaining on top of your credit is the best way to avoid having to repair your credit. For example, as discussed in one recent helpful article, the best way to find errors are to check your credit report regularly. The story breaks down the five most common credit reporting errors that you need to look out for:

  • Identification that does not belong to you.
  • Accounts that don’t belong to you.
  • Incorrect payment status.
  • Public records that are not yours.
  • Inquiries for credit you never applied for.
  • Identification that does not belong to you.

The most common of these mistakes are due to variations in name spelling, wrong social security numbers, or entry mistakes. This can be a sign of identity theft. Staying on top of your credit report and in contact with the credit reporting agency can help you correct the mistakes before any damage is done to your credit.

Accounts That Don’t Belong to You

The worst feeling is seeing an account that says was opened in your name and with your social security number, yet you never opened an account. In this instance, it is most likely a sign of fraud that requires your immediate attention.

Incorrect Payment Status

If you see that one of your accounts reported you were delinquent or making late payments and you can show that they are mistaken, it is crucial that you contact the credit reporting agency immediately. Late payments can hurt your credit score more than people realize, so staying on top of your report is necessary.

Public Records That are Not Yours

The most common thing to look out for is civil judgments, tax liens, or bankruptcies that are not yours. Credit is affected from these public records, so it is crucial that you keep these off of your credit report.

Inquiries For credit that You Never Sought

Every time you apply for an account, or look to secure a line of credit, inquiries are made into your accounts. If there are inquiries that you did not authorize or do not recognize, fraud is likely involved. It is suggested at this point that you contact an attorney or contact the credit reporting agency.

How Can an Attorney Help Me?

Attorneys are well equipped to help dispute errors on credit reports. More importantly, the best attorneys are honest with you, and suggest that you write your own credit dispute letter before you go spending thousands of dollars paying a “credit-fixing” attorney.

We have a complete guide to credit repair and suggest that you review it and follow the steps set forth there before seeking help from an attorney.

Attorneys are well versed and are aware of the most of the common credit reporting mistakes. You can contact them and show them your credit report with your concerns. They will help you along the way, whether it is disputing a report or simply understanding anomalies. Not only can they help you negotiate settlements on outstanding debts, but they can counsel you on improving your credit. Consider contacting an attorney if you need help or need assistance with any information that is either incomplete or inaccurate.

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