Atlantic Blog

Credit reports contain your personal financial information. Incorrect information can affect your ability to get a loan, rent housing, or get a job because businesses often make their decisions based on that data.

Keep your reports accurate:

• You are allowed one free report every 12 months from each credit bureau: Experian, Equifax, and TransUnion. Don't order the reports directly from the companies. They are providing free credit reports only through annualcreditreport.com, 1-877-322-8228.
  
  To take full advantage of these free reports from annualcreditreport.com, rather than selecting Experian, Equifax or TransUnion, choose only one every four months. That way you can spread out these freebies and check your report throughout the year.
• Check the basics first. Check variations in name, Social Security number, and address. Experian lists all variations reported to it to ensure the consumer has a full account of the identifying information reported and can act on it. Often, variations are simply the use of a nickname or a transposed address digit.
• Verify data. Some can get complicated. If a loan is sold, the lender listed may not be the original.
• Look for errors. A study by the Federal Trade Commission and another by Policy and Economic Research Council (PERC) revealed similar results: one of five consumers reportedly found errors on their credit reports which could negatively impact their credit score. 
  
  When counselors at credit counseling agencies review reports with clients, they often find that the unfavorable information is valid. But when it is in error, it’s important to start the correction process right away.

• What are the common errors?
  • Misspelled names
  • Wrong Social Security numbers
  • Inaccurate birth dates
  • Inaccurate information about a spouse
  • Out-of-date address
  • "Closed" accounts listed as "open"
  • The same mortgage or loan listed twice
  • Absence of major credit, loan, mortgage, or other accounts that could be used to demonstrate creditworthiness
• Dispute errors. Contact the business that has provided the incorrect information on the credit report and also contact the credit reporting agency (Experian, Equifax, TransUnion) in writing and keep copies. Work with both the source of the information and the credit reporting company to resolve the issue quickly.

For help understanding your credit score, watch Atlantic’s Money Clip, a video series with credit and financial tips or give us a call at 1.800.834.0432 

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