Know whats on your credit report.Check your credit report.
Have you seen your credit report?
It seems someone is always suggesting a deep dive into our credit reports.
But do you actually know what that means?
Do you even know how to read a credit report?
If not, its time to learn so that you understand your financial standing.
This affects your large purchases house, car, boat, etc.
There are three primary credit reporting agencies:Experian,EquifaxandTransUnion.
These companies keep track of the loans youve taken out and how you are doing on payments.
Based on this information, they issue a three-number score.
You want to get higher than 670, possibly over 700.
Read your credit score means.
How to Read a Credit Report
You know why your credit report is important.
But what you might not know is how to decipher the credit report itself.
So, lets start here.
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In general, you should be checking the credit report for red flags or errors.
Incorrect data on your credit report can hurt your financial reputation.
If youve ever been affected by incorrect information on your credit report youre not alone.
How do Incorrect Credit Scores Happen?
With that amount of data its no secret why errors may occur.
However, maintaining an accurate credit report falls on the individuals shoulders.
You cancheck your credit reportsweekly atannualcreditreport.comfree of charge.
Its important to verify all of this information, especially your employment and income information.
Often this information is factored into your worthiness to borrow and repay on time.
Red flags to look for:Its all about the basics here.
Is your address right?
Is your last name spelled correctly?
Theres also the chance for fraudulent activity here.
Be sure no one has added statements to your credit report proclaiming inaccurate information about you.
Generally they fall into three categories: mortgage, auto loan and credit card.
Also included will be when you opened the account, the amount, balance owed, and payment history.
Accounts will either show in good standing or negative.
This can negatively affect your score.
Some of these inquiries have more impact than others.
Inquiries are generally classified as hard or soft.
Red flags to look for:Its always a good idea to see just who is accessing your report.
Are the hard inquiries, in fact, requests initiated by you?
That is because credit reporting bureaus access public records information from the state and local courts.
For example, most negative or delinquent accounts should only remain on your report for seven years.
This could be the first sign that something is wrong.
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