Your monthly credit report checklist
It's important to check your credit report regularly to make sure that credit bureaus have the correct and updated information. If not, this is your chance to dispute errors. For your own financial well-being, you need to know where you stand when it comes to your credit score. It's also important to check for identity fraud, as this does show up on your credit report.
We've compiled a checklist for you to ensure you check your credit report thoroughly and correct errors as soon as possible.
So, what should you look out for when checking your credit report?
Start by checking your personal information. This includes your name, address, and ID number. Then move on to the accounts listed and your payment history.
Make sure the correct accounts are listed
The accounts listed on your credit report affect your credit score. What you want to avoid is a situation where incorrect accounts that have missing payments appear on your credit report, as this will negatively affect your credit score. Also, if accounts that you manage well are not listed, your score won’t be boosted. Now's a good time to also check if active loans or credit card accounts can be consolidated.
Confirm your inquiries history
Remember, the number of hard inquiries on your credit report affects your credit score. While it's ok to apply for a loan, credit cards, and new accounts, it's also important to remember that applying for different lines of credit in a short space of time is seen as a red flag by lenders. This is why you should make sure that you recognize each inquiry listed in your credit report and dispute any inaccuracies.
Make sure your payment history is up-to-date
Your payment history makes up a big part of your credit score. If you have recently made good on outstanding payments, make sure that this is reflected on your credit report. It does take time to recover from late payments, but any positive change, no matter how small, can positively impact your credit score.
How often should I check my credit report?
You can check your credit report as often as you need to — it won't affect your credit score. Checking your credit report at least once a year should help in staying on top of your score and accounts. You can download your credit report for free here.