“It is important to check your credit report at least once a year, or even better, once a month,” says Bert Briones, an Irvine, CA bankruptcy attorney at Red Hill Law Group, PC. “In addition, be sure to check the accuracy of your report each time.” Ensuring that the credit report information is accurate before applying for credit is especially prudent, since incorrect information can lead to a drop in your credit score, resulting in a higher interest rate or a denial of credit being granted at all. If you suspect an inaccuracy in your credit report, be sure it is resolved before applying for credit.
When your credit report is pulled, check to ensure your personal information is correct, including your name and address, and correct spelling for listed information. The next step is to verify all inquiries, inactive accounts, payment history, active account balances and aging, and any negative information that should have “dropped off” are correct. If you find an inaccuracy, you can file a dispute, usually at no-charge, either via phone, mail, or online.
A dispute must be investigated within 45 days and you will be notified of the outcome, usually via the means in which you originally filed the dispute. After the resolution, the information will remain on your report if it was verified, or deleted; however, you can add an explanation regarding verified information to your report.
Credit reporting agencies do not create your information; creditors provide it. This reinforces how important it is to regularly check your credit report for accuracy.Share