While having a credit lawyer can be very helpful in dealing with trouble on your credit report, a personal review and basic understanding is always the first step.
Surprising Information About Credit Reports
Do you know how frequently your credit report is updated?
It may surprise you that creditors or collection agencies can report account updates sporadically throughout the month, rather than a set standard such as the 28th or 1st of the month.
Because of this, your credit reports may fluctuate and could look different throughout the month depending on when your creditors report, and even which bureaus they’re reporting to. Yes, which bureaus. It’s a good idea to keep an eye on the reporting from all three of the major reporting agencies. The big three are Transunion, Equifax, and Experian.
Because of the possible sporadic reporting from one creditor to the next, it would be wonderful to have a very regular review of your credit report. Until recently, we’ve only been able to receive one free report per bureau, per year.
So, when is the last time you pulled a copy of your credit report?
If it’s been a while, that’s okay.
Remember that “You can’t go back and make a new start, but you can start right now and make a brand new ending.” – James Sherman
Recent news makes credit reports more accessible than ever, so now is the time to start writing your new ending.
Easier Access to Credit Reports
Annualcreditreport.com provides free credit reports from the three major bureaus well, annually.
Right now, however, you can pull free reports weekly through April of 2022. This free access to credit reports was enacted voluntarily by the major credit bureaus to help people deal with credit trouble during the pandemic.
We suggest taking advantage of this opportunity to monitor your credit and be on the lookout for any fraud or inaccurate information. If something doesn’t look quite right, be sure to investigate further.
Here’s what we suggest watching your credit reports for:
- Name
- Address
- Date of Birth
- Social Security Number
- Employer
- Accounts
- Loans
- Balances
- Payment History
If you find major errors and need professional help, you’re not alone! The team at National Legal Center can help you determine if a credit lawyer could help you correct inaccuracies on your credit reports.
Good Habits for Good Credit
To keep your credit in good health, remember to keep your positive reporting items positive.
- Continue making payments on your current accounts on time.
- Keep your balances less than 30% of the credit limit.
- If you have accounts that have always been current, be sure to keep them open.
In addition to frequently checking your credit reports, it’s a good idea to monitor all of your financial accounts consistently. Keep an eye on your bank accounts, credit card accounts, car loans, personal loans, and any others. A watchful eye will help you have a good understanding of your financials. It can also help ensure you’re not making late payments, which can negatively impact your credit score.
There are many free tools available out there for monitoring your finances. Be sure to utilize them to stay on track with your goals, and to #standuptodebt for those of you out there on your journey to become debt-free.
Additional Resources
The Federal Trade Commission focuses on educating consumers and provides great information on better understanding credit reports. Find that and more by visiting https://www.consumer.ftc.gov/articles/free-credit-reports
To get your free credit reports, visit www.annualcreditreport.com or call 1-877-322-8228.
You can also print and fill out a paper form (https://www.annualcreditreport.com/manualRequestForm.action) and mail it to their office at:
Annual Credit Report Request Service
PO Box 105281
Atlanta, GA 30348-5281
Additional formats are available as well, such as Braille, large print, and audio. https://www.annualcreditreport.com/accessibility.action
