Do you know the difference between 550 and 780? Yes, they are separated by 230 digits, but they are also examples of bad and good credit scores.
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If you don’t check yours regularly, now is the time to start. Small mistakes are more common than you think and can seriously damage your credit. I’m going to tell you some of the most common mistakes on your credit report and what you can do to fix them.
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Step 1: Download your free credit report
Three credit reporting agencies (TransUnion, Experian and Equifax) are required. by law to provide you with one free credit report per year. sweet. There are several ways you can request a copy from each agency.
Online is the fastest way. If you submit a claim by phone or mail, expect to wait two weeks after receiving the paperwork.
- Online: www.AnnualCreditReport.com
- Phone: 877-FACT (877-322-8228)
- Mail: Download and fill out the annual credit report request form. Send it to: Annual Credit Report Request Service, PO Box 105281, Atlanta, GA 30348-5281
Professional advice: Download your report from fourth credit bureau, Innovisalso.
Close-up of a man with a smartphone and a laptop on January 31, 2019. (Neil Godwin/The Future via Getty Images)
Step 2: Look for the most common mistakes
Typing errors or incorrect information: Anything from your name being misspelled to your address or your date of birth for one number. Small mistakes can confuse your credit with someone else’s.
Accounts you don’t recognize: If you see something you don’t recognize, don’t ignore it! This includes credit cards you never applied for, loans in your name or shopping you didn’t do it.
Duplicates: It is not normal to see a debt twice on your credit report. This includes things like the same collection account, transferred debts that show up as separate accounts, or discharged debts that still exist.
Incorrect account information: Sometimes payments can be mistakenly shown as late or closed accounts can still be shown as active. In other cases, the reports may show the wrong credit limit or mess up your payment history.
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Outdated information: Bankruptcies older than 10 years, late payments older than seven years, and outdated collection accounts should not appear on your credit report.
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Step 3: Report anything strange
Don’t panic! Write down and make copies of anything that looks bad, then file a dispute with the credit reporting company by mail, phone or online.
If you are applying online or by mail, explain in writing exactly what is wrong and why, and attach copies of supporting documents. Be sure to include your contact information, credit report confirmation numbers, and a copy of your version of your credit report.
A close-up of the upper corner of an Equifax consumer credit report, with the text Credit File and Personal Identification, on a light wooden surface, on September 11, 2017. (Smith Collection/Gado/Getty Images)
And always follow! The offices are obliged to consider your disputes within 30 days. Follow its progress until you have a written solution. If your dispute is valid, the office must resolve it and notify the other offices.
Many of these problems come down to good old-fashioned human error. It happens, but don’t let it stop you from taking responsibility.
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While you’re at it, find your job number
Equifax also maintains a database of 716 million income and work recordsincluding, potentially, yours. It’s called a Work Number and employers use it to make sure you’re who you say you are.
Your Employment Data Report (EDR) includes things like where you worked, when you worked there, and the exact numbers of your past wages.
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Trying to find a new job? An employer could use your EDR to find your past salary range and discount you in negotiations. And, of course, Equifax will sell your EDR to anyone who buys, including debt collectors.
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How to stop it
you can freeze your EDR just like a credit report. You can also see who has tried to access it in the last two years. You will need to open an account with The Work Number to do this.
- Search for your current or former employers using their employer’s name or code (the nine-digit number on your W-2).
- Press their name, then click Register now. Warning: It will ask for your social security number.
After you’ve registered, review your report to make sure it’s accurate. Fill this out data dispute form if you find something suspicious.
The credit card is shown with the restaurant bill. (iStock)
Then go back to the dashboard and click Freeze your data. Fill it out Data freeze form and submit it. The working number will send you a freeze confirmation letter, along with PIN. Save your PIN in your password manager. You’ll need it if you ever want to unfreeze your report.
You can always log in to The Work Number or call them to unfreeze your report.
If you can’t find your employer: They may not be registered with a work number. Call the Freeze Helpline at 1-800-367-2884 to double check.
Unless you are actively applying for a loan or state benefitsor if the employer does not actively request your EDR, there is no point in freezing it. And if a potential employer insists on checking your EDR in order to hire you, it may not be a good fit after all.
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