Being one of the consumers in a society, you should consider your credit score as your most prized possession. Aside from it being able to determine your borrowing power, it also holds power and controls many other areas of your life. However, there may come a time that your credit score is deemed wrong.
You must be wondering to yourself now, “Why go through the trouble of checking my credit report every year?” Well, in all actuality, one of the most frequently filed complaints with the Consumer Financial Protection Bureau is related to the errors marked on peoples’ credit reports. Indeed, no one wishes that to happen to anyone, especially to yourself. Arm yourself with knowledge and read the following to prevent credit problems.
Checking your credit report is not a difficult task to begin with. By law, you have the right to a free credit report coming from each of the three major credit reporting agencies. The said credit report, which is free of charge, is given once every 12 months.
Due to the different mistakes that may arise regularly, it is a must to get your credit report every year and have every transaction checked under great scrutiny.
Getting your free credit report has never been this easy. To start, check the following list for the main credit bureaus:
You can also get your free credit report in another way by filling out the Federal Trade Commission form.
I found errors on my credit report! What measures should I take from this point onwards?
It doesn’t come as a surprise that people are complaining about incorrect credit scores. It can cost you a considerable amount of money in interest rates. Aside from that, it can also affect a multitude of things ranging from your insurance policies to your ability to rent an apartment.
Finding an error on your credit report should be taken straight to a dispute with your chosen credit bureau. The business that reported the information should come alongside.
The credit bureaus will have you submit all the supporting documents online. If you had a dispute through a phone call, the representative would tell you what things are needed and how to get it to them.
Always remember to keep your original documents. As much as possible, submit copies only to the credit bureaus. Once you’ve sent your dispute, the credit agency will inform you as soon as possible.
Michael started out with a degree in Finance Master, before devoting his time to tech and coding. He now works as a freelance journalist and video producer living in Berlin, Germany. When he’s not writing , he travels many countries.