Reviewing and Understanding Your Credit Report

If you have applied for a credit card or loan, you know that your credit score is important, and you should be reviewing your credit report for mistakes. It can be easy to procrastinate, however, especially since credit reports can be difficult to understand. And if you find a mistake, how do you correct it? The Bureau of Consumer Protection at the Federal Trade Commission has created a blog series that walks you through reading your credit report and how to correct any mistakes you may find including sample letters to send to the credit bureau.

To get started, go to Annualcreditreport.com to request your credit report. Since there are three credit bureaus, you can request a report from all three at once or you can request one from a different bureau at different times throughout the year. To help you remember to request the credit report, put a recurring reminder in your calendar. For example, every January 15th, review your Equifax report, every May 15th, review your Experian report and every September 15th, review your TransUnion report. This way, you are reviewing your credit report more frequently without having to pay fees.

Next, review your report carefully. If you find mistakes, be sure to address them immediately. Although it may seem like a tedious task, once you have done it, you will feel more secure in knowing that your information is correct and be on your way to become more financially stable.

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