Your credit report is a financial snapshot of your credit reputation. It can affect how easily you can buy or rent a home or make large purchases like cars or appliances. And in some industries, it will be used to determine whether or not you get hired for a job. Because your credit picture can significantly impact so many vital areas of your life, it’s critical to review your credit report at least once a year.
The good news is that by law, you get a free credit report every 12 months by visiting www.annualcreditreport.com. But once you download your credit report, where do you start?
Here are a few essential things to look for in your credit report review:
- Ensure your identifying information is accurate (name, address, Social Security number, etc.). If you’ve used shortened versions of your name when applying for credit or changed your name recently, be sure your credit report reflects the correct information.
- Review your credit history to ensure it is correct. Make a note of anything inaccurate, including an incorrect loan or account number, late payments reported that were not late, or wrong creditor names.
- Look at all credit inquiries noted on your report. Jot down any hard inquiries you did not authorize, as this may signify that someone is trying to use your information to apply for credit (which is an indicator of identity theft).
It is important to point out that your credit report DOES NOT include your credit score, just your credit history.
How do you dispute any credit report inaccuracies?
If you see any inaccuracies within your credit report, you should do the following:
- Dispute any errors with each credit bureau that reflects the mistake. Explain (in writing) what you think is wrong, include the credit bureau’s dispute form (if they have one), copies of documents that support your dispute, and keep records of everything you send. If you send your dispute by mail, you can use the address found on your credit report or a credit bureau’s address for disputes; however, each credit bureau has a way to dispute errors online.
- Notify the company who provided the information (also known as the credit furnisher). If you have any issues with a Quail Creek Bank account or loan, contact us immediately at 405-755-1000.
Follow the process outlined and be diligent in correcting any errors you find. Please know it may take several months for everything to be corrected and updated appropriately.
If you’d like to review your credit report with one of our lending experts, please set up an appointment by calling 405-755-1000. We will give you tips to improve or maintain a strong credit reputation.
