Why You Should Review Your Credit Report
& what to do if you find a mistake.
Credit Score vs. Credit Report: What’s the difference?
Your credit report contains personal information about where you live, how you pay your bills, whether you have filed for bankruptcy, or if you’ve been sued. It lists inquiries that have been made about your credit as well. When you apply for a new credit card and the company says it’s running a credit check, it’s looking up your credit report to review your financial past.
Get the Facts for Free.
When you are trying to improve your credit score, it’s important to track your credit by ordering your free reports from www.annualcreditreport.com. You’re entitled to a free credit report once every 12 months from each of the credit reporting bureaus, Equifax, Experian, and TransUnion, through this website. Many financial advisors suggest that you stagger your requests over those 12 months so that you can monitor them for accuracy and changes.
If You Find a Mistake…
The credit bureau and the company that provided the information to the bureau are both responsible for correcting errors found in your report. If you find any errors, you can dispute these and get them corrected by following these steps:
Reviewing your credit report and seeing your financial history in detail can help you see where there is room for improvement. Staying within your budget, paying off your debts, and limiting your credit cards can set you on the path to a higher credit score and more favorable loan terms. Our award-winning team of mortgage professionals are always available to discuss your eligibility for a home loan! Contact us today!
*Lake Area Mortgage; A Division of Royal Credit Union is not a credit counseling or financial advisement firm. This information is for educational purposes only and is not to be taken as guidelines or guarantees to improve your credit or financial situation.