Do you know the difference between 550 and 780? Yes, they're 230 numbers apart, but they're also examples of bad and good credit scores, respectively.
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If you haven't been checking them regularly, now is a good time to start. Small mistakes are more common than you think, and they can cause some serious damage to your credit score. I'll tell you some of the most common errors on your credit report and what you can do to fix them.
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Step 1: Get your free credit report
All 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.
The Internet is the fastest way. If you submit an application By phone Or by mail, expect to wait up to two weeks after receiving the papers.
- connected: www.AnnualCreditReport.com
- phone: 877-FACTACT (877-322-8228)
- mail: Download and complete the Annual Credit Report Request Form. Send it to: Annual Credit Report Request Service, PO Box 105281, Atlanta, GA 30348-5281
For advice: Get your report from Credit Bureau IV, Innovisalso.
Close-up of a man holding a smartphone and laptop on January 31, 2019. (Neil Goodwin/Future via Getty Images)
Step 2: Find the most common errors
Typos or incorrect information: Anything from your name spelled incorrectly to your address or date of birth is deleted by one number. Small errors could cause your balance to be mixed up with someone else's.
Accounts you don't know: If you see something you don't know, don't ignore it! This includes credit cards you never applied for, and loans in your name Or purchases You are not made.
Duplicates: It is not normal to see debt twice on your credit report. This includes things like the same collection account, transferred debts that appear as separate accounts or paid debts that are still sitting there.
Incorrect account information: Sometimes, payments can appear late by mistake, or closed accounts may still appear as active. Other times, reports may show an incorrect credit limit or mess up your payment history.
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Outdated information: Bankruptcies that are more than 10 years old, late payments that are more than seven years old, and old collection accounts should not appear on your credit report.
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Step 3: Report anything strange
Don't panic! Write down and copy anything that seems odd, and then file a dispute with the credit reporting company by mail, phone, or online.
If you are submitting an application online or by mail, explain in writing exactly what is wrong and why, and include copies of the documents with the proof. Be sure to include your contact information, credit report confirmation numbers, and a copy of the release of your credit report.
Close-up of the top corner of a consumer credit report from credit bureau Equifax, with text reading “Credit File and Personal Identity,” on a light-colored wood surface, September 11, 2017. (Smith Collection/Gado/Getty Images)
And always follow up! The offices must consider your disputes within 30 days. Track your progress until you have a written decision. If your dispute is valid, the office should fix it and notify the other offices as well.
Many of these issues boil down to good old-fashioned human error. It happens, but don't let that stop you from taking charge.
Related to: How to do a 5-minute privacy checkup on your phone
While you're doing this, look up your job number
Equifax also manages a database of 716 million income and Employment recordsincluding, perhaps, yours. It's called a business number, and employers use it to make sure you are who you say you are.
Your Employment Data Report (EDR) includes things like where you worked, how long you worked there and your exact past salary figures.
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Trying to get a new job? An employer can use your EDR to find your previous salary range and convince you to negotiate. Naturally, 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 reach you in the past two years. You will need to create an account with a business number to do this.
- Search for your current or previous employer(s) using their site Name or employer code (The nine-digit number on your W-2).
- Click on its name, followed by Register now. Attention: Your Social Security number will be asked.
Once registered, review your report and make sure it is accurate. Fill this out Data dispute form If you find anything suspicious.
The credit card is shown in the photo next to the restaurant bill. (Istock)
Then go back to Control Panel and click Freeze your data. Fill Data freeze placement form And present it. The business number will send you a freeze confirmation letter, along with a letter 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 business number or call them to unfreeze your report.
If you cannot find your employer: They may not be registered with a business number. Call the Freeze Help Line at 1-800-367-2884 to double check.
Unless you are applying for a loan or… Government benefitsor unless your employer actively requests your EDR, there is no need to think about freezing it. And if a potential employer insists on verifying your EDR to hire you, that may not be appropriate at all.
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