How Should You Check Your Credit Report Information?

Whenever you apply for a loan, your lender/creditor checks your credit report to predict your creditworthiness. Therefore, it is utmost necessity to verify the accuracy of your credit report information. It is advisable that you check it at regular intervals and fix errors, if any.

Guidelines to check information on your credit report:

You should at least once annually check whether or not the following credit report information is correct.

Your social security number
Your name/names if you are/were married
Your date of birth
The names of places where you have worked.
The addresses where you have lived
Your closed and pending accounts
Records of your delinquent payments along with other problems
Any negative information (because, it should not be longer than what is allowed by law)

You should check your credit report information well in advance before applying for a major loan. Here’s a guideline on how do it.

While applying for an auto loan, you should check your report before you start shopping for favorable loans.
Check your credit report at least 3-6 months prior to applying for a home loan.
You should check your report just before applying for new credit cards.

Whenever you detect any mistake in your credit report information, you should send a letter to the agency where you’ve found the error to repair your credit rating. Make sure you explain the situation in details and also send a copy of your report, highlighting the incorrect information. It is the duty of the particular credit reporting agency to investigate the error and remove it as soon as the creditor admits it. You can file a short statement in your credit record describing the actual fact if you aren’t satisfied with the result; future reports to your creditors should contain the summary of your statement.

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