Last week I wrote about your credit score. This week, let’s look at where that score comes from: your credit report. And I’m going to ask you to do something before Thanksgiving. Pull yours.
It’s free, and it takes about ten minutes.
The only site to use is AnnualCreditReport.com. The three national credit bureaus — Equifax, Experian and TransUnion — now let you check your report from each of them once a week at no charge, permanently. Be careful with look-alike websites and TV ads offering “free” reports. Many of them sign you up for a paid service, and some exist only to collect your personal information.
One thing to know going in: the report doesn’t include your score. It’s the record the score is built from, and that record is what you need to check.
What to look for
- Your personal information. Name, address, Social Security number, employer. A wrong address or a name you’ve never used can be a sign someone opened credit in your name.
- Accounts you don’t recognize. Every credit card and loan should be one you opened. If you see one you didn’t, treat it as possible identity theft.
- Late payments that weren’t late. If you know you paid on time, gather your bank statements.
- Old debts that should be gone. Most negative information comes off after seven years.
- Hard inquiries. These show who pulled your credit to make a lending decision. A string of inquiries you didn’t authorize is a red flag.
If you find a mistake
Dispute it directly with the bureau that shows it. Each one has an online dispute process. Explain what’s wrong, attach proof and keep copies of everything. The bureau generally has 30 days to investigate. If the error shows up on more than one report, dispute it with each bureau.
If you find accounts you never opened, go to IdentityTheft.gov, run by the Federal Trade Commission. It walks you through a recovery plan step by step.
Think about a freeze
A credit freeze stops new lenders from pulling your report, which makes it much harder for a thief to open accounts in your name. It’s free at all three bureaus, it doesn’t affect your score, and you can lift it for a day when you’re applying for a loan yourself. If you don’t plan to borrow anytime soon, it’s one of the simplest protections.
I’d suggest putting a reminder on your phone to check your reports every few months. Errors happen more often than people think, and the ones that hurt most are the ones nobody catches until a loan application gets turned down.
Next week: a plan for Christmas spending, so you pay for the gifts before the decorations come down.
Carla Kelley is President of Aspire Credit Union, 900 Pershing Ave. in Lufkin, serving members across Angelina, Nacogdoches, Polk, Cherokee, Jasper, Houston, Tyler, Trinity and San Augustine counties. Twenty-seven years of serving our members. Send your money questions to carlak@aspirecu.org. Learn more at aspirecu.org or call 936-632-7691. Federally insured by NCUA.
