You Got Your Credit Reports. Now What Do You Do?
Credit bureaus make it hard enough to get your credit reports. You have to either navigate through confusing online menus, answer identity questions from your distant past, or wait weeks to receive the official one in the mail, if it ever arrives. But when you finally get your credit reports, you now have to know what to look for. There are three major items that you should review which can negatively impact your credit score.
Credit reports usually have a separate section for negative account information. This is where most of the most harmful information will be. Review this section carefully for entries that may be reported in error such as late payments, judgments against you, new credit cards that aren’t yours, or over-limit entries for cards you know you didn’t use.
Who Reviewed Your Credit
At the end of most credit reports is a list of the people or companies who have obtained your report. But to be entitled to see your report, they must have what is called a “permissible purpose.” Your current creditors (people to whom you owe money), creditors you’ve applied to, and employers (with your permission), are some of the people who can legally obtain your report. But if you haven’t given authorization, applied for credit, or if the creditor’s account was discharged in bankruptcy, their inquiry may be illegal. If there is someone listed who you don’t recognize, their inquiry could have violated the Fair Credit Reporting Act (FCRA).
Dates on Accounts
The more recent the information, the more it will affect your credit score. When you review your credit report, make sure that any of the dates, such as the last payment date, date opened, etc., are correct. Failure to list dates correctly could drag down your credit.
If you feel something is incorrect on your credit report, get your Free Credit Report Dispute Kit. Credit bureaus that fail to remove inaccurate information from a consumer’s credit report may be liable for damages under the Fair Credit Reporting Act. If you have disputed errors on your credit report and have presented evidence to your creditors and the credit bureaus, but they still refuse to remove the entries, CONTACT US for a free consultation.
Culik Law is a Massachusetts Law Firm. The posts on Culik Law’s blog are not intended as legal advice. If you have questions about your particular situation, CONTACT CULIK LAW for a Free Consultation.