You would be hard pressed to find a sole person who believes making sense of their credit report is a leisurely activity. No matter how you choose to go about it, these reports tend to spit out more information than most know what to do with. On top of this, said information is anything but simple. In fact, most who view their own credit report find it to be downright confusing. Seeing as your personal finance is nothing to shy away from, you should know exactly what to look for when reviewing your personal credit report. From the basics of personal information to the more intricate details of lending api, there is more than enough within this report to make your head spin. To help you navigate these seemingly tumultuous waters, we have put together a few ideas you can lean on while reviewing your credit report.
Personal information
Before diving into the deep end of your own credit report, pause to consider the basics. Do you see your name and legal address displayed correctly on the report? How about your date of birth and social security number? Of course, these are not the only things a credit report will detail but they are a few of the more critical items. When dealing with your credit report, you want as accurate a reading on your financial situation as you can get. But if you are viewing a credit report built on an incorrect foundation of personal information, you are doing nothing more than wasting your time. Certainly, you would much rather avoid this outcome. To be blunt, there is no room for error here or elsewhere. So be sure to double check every aspect of your personal information on the report before inundating yourself with anything more complex.
Past information requests
Did you know reviewing your credit report is a surefire way to check for potential identity theft or fraud? Well, you do now. To check for these issues, simply find your way to the section of your credit report titled “Inquires” or “Information requests”. Here, you will find a detailed list of each and every time your credit report was requested. Given that a credit report request is not an everyday activity, you should know which, if any of these, were not you. Should you find a time where your credit report was pulled and you were not the party responsible, it is time to notify the corresponding parties and possibly even do a little sleuthing. But that is a conversation for another day.
Public records
There was a time and place when much more of a person’s financial information was available to any curious eye. We are talking way too much information here including salaries in some cases. Thankfully, those days are behind us. But, bankruptcy is the one outstanding item which remains a part of public records. Though only for a window of seven to 10 years depending on a handful of factors. Obviously, if you have never filed for bankruptcy then you will have nothing to review here. If you have filed for it, you will want to take great care and time to ensure all the information related to your bankruptcy is correct. As we pointed out earlier, accuracy is everything with your credit report. If you come across an error within your filings here, follow up on it as quickly you can.
Financial information
Finally, we have reached the heart of the matter so to speak. Afterall, no credit report is complete, or even worthwhile, without the requisite financial information. Of course, we are referring to your very own account information here. Are all of your accounts, banking, investing, and otherwise, listed on the credit report? Is all the corresponding information for these accounts correct? Are you absolutely certain of this? These are the questions you must be asking yourself. The last thing you want to find out is that your credit has been negatively affected by a mistake you could have solved with only a few minutes and a little attention to detail. Even worse, a mistake like this could cost you, literally. So please heed our advice here and triple check all you can regarding your personal financial information.
Managing your personal finances is a challenge that will never go away. It truly is a lifelong endeavor. Therefore, it seems to us that educating oneself and subsequently trying your own hand at it is wise. Reviewing your credit report is one way to do this so you best get going because there is more to personal finance than what meets the eye.
