What is on your credit report?
Knowing what is on your credit report can be important for several reasons. In today’s society you always need to be on the lookout for identity theft. Of course you have seen the commercials and laughed thinking it could never happen to you, but the fact is that identity theft affects thousands of people every day.
All of your personal information can be found on your credit report. You should check your report often to make sure the information is accurate. You will need to make sure your name is correct including married names. Make sure your social security number and birth date are correct. Little mistakes like this could prevent you from qualifying for certain types of credit. Your report will also state your current and previous addresses and current and past employers. Verifying all of this information at least once a year is crucial.
Another reason to keep track of your credit report is to make sure information is being reported adequately. If you are trying to raise your credit score, you need to make sure your creditors are reporting your on time payments. This is the best way to raise your score and qualify for a better interest rate the next time you need a loan. Of course this will also affect your credit score if you make late payments or file for bankruptcy. Negative information will usually stay on your report for about seven years although serious delinquencies like court ordered collection and bankruptcy could stay on your report for ten years.
You need to be proactive when it comes to knowing what is on your credit report. Checking the information often will alert you if there are strange inquiries or accounts showing up that you do not own. You will have to contact the specific credit bureaus to notify them if there is incorrect information on your credit report. This usually needs to be done in writing and the sooner the better. Do not let a poor credit score keep you from buying a great new car or renting a luxury apartment. Know what is on your credit report and how your credit score affects your financial future.