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What to Look for on Your Credit Report

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October 29, 2020 by Home Jobs By Mom
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credit report

Remember how teachers used to hold the threat of a file that would follow us around for the rest of our lives over us as a disciplinary measure?

“Just so you know, this is going on your permanent record!”

It didn’t take long for most of us to realize those were idle threats.

However, it turns out there is a permanent record which we should be concerned about. It has the power to determine the quality of life we enjoy; which is why it’s important to know what to look for on your credit report and how to understand it.

The good news is the law mandates you’re entitled to receive a free copy of your report on an annual basis. This is a service of which you should definitely take advantage, as it is your best insurance against discrepancies. Here’s what to look for:

Personal Information


This is where you can ensure it really is your report. Lots of people have similar names; some even have similar Social Security numbers (SSNs).

It’s easier than you might think for information to get crossed up. Make sure the name, address, SSN, date of birth, and phone number match yours exactly.

You should also make sure all of the listed addresses match your residence history.

Inquiries


Entries are made in this section whenever someone requests a review of your credit report. Such inquiries fall into one of two categories—soft and hard.

Soft inquiries occur when you ask to see your own report. They are also logged when advertisers looking to send you promotional materials or creditors with whom you have open accounts review your report.

These requests do not affect your credit score.

Hard inquiries are recorded when you apply for financing of any sort—whether a mortgage, car loan, credit card or charge cards. This can even include no credit history car loans—as those lenders will also review reports just the same.

Each of these will diminish your score—except a cluster of them all occurring within a short period of time from a specific type of lender—or for one specific purpose.

Reporting agencies assume you’re shopping for the best terms on a loan in those instances and consider them one inquiry.

Credit History


Verify all listed accounts are yours. Review the status of accounts you share with others such as a former spouse or life partner to be sure they match your understanding of them.

Pay particular attention to total loan amounts, loan balances, notations of late payments, and collections activities.

Make sure all the accounts you’ve closed are listed as such and verify all active accounts were opened by you. This is key to spotting identity theft.

Make sure to get your credit report from each of the three nationwide credit reporting agencies and check each report for errors or for outdated or incomplete information. Here’s a checklist to guide your review.Click To Tweet

Public Records

This section will contain notations when you’ve filed for bankruptcy protection in the past seven years, or if liens or judgments have been filed against you in the last seven to ten years.

So, watch out for bankruptcies filed by a former spouse, liens that should have been cleared, and lawsuits in which you were not involved.

Inaccuracies in this section, while admittedly rare, can have a profound effect on your creditworthiness.

Errors here could also lead to unpleasant financial consequences such as wage garnishment. Trust me— if it's within your means, you want to avoid garnishment at all costs.

credit report

An annual review of your credit report is key to ensuring your credit history reflects your actions. There are many ways interlopers can usurp your good name these days and use it to their own ends.

In short, knowing what to look for on your credit report is one of the keys to protecting your finances. Good luck!

Have you ever been a victim of fraud?

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Category: Lifestyle, MoneyTag: credit report

About Home Jobs By Mom

Krystle Cook – the creator of Home Jobs by MOM – put her psychology degree on a shelf and dived into a pile of diapers and dishes instead. She is a wife and mother to two rambunctious boys, sweating it out in her Texas hometown. She loves cooking, DIY home projects, and family fun activities.

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Reader Interactions

Comments

  1. cindy legg

    November 10, 2020 at 12:02 am

    i am glad to have read this i needed to understand how to go about learning about my credit report and how to fix it and increase my credit

    Reply
    • Home Jobs By Mom

      January 16, 2021 at 4:28 pm

      I hope this helps you increase your credit score

      Reply
  2. Kristi

    May 11, 2019 at 9:39 pm

    I’ve just recently started getting a monthly credit report since I want to keep track. This is great in helping me to know what it all means, thanks!

    Reply
    • Home Jobs By Mom

      May 16, 2019 at 4:12 pm

      That’s a great way to stay on top of your credit!

      Reply
  3. Calvin

    April 9, 2019 at 9:29 am

    Good tips, definitely important to be aware

    Reply
  4. Calvin

    April 5, 2019 at 9:24 am

    Covers most things you need to know, helpful! Definitely good to take control of your credit

    Reply
    • Home Jobs By Mom

      April 9, 2019 at 12:45 pm

      It’s def something everyone needs to stay on top of!

      Reply

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