Ian Atkins, Analyst and staff writer at Fit Small Business.

“Make sure that you can verify all of your accounts. That payment history, credit limit, current balance, and high balance are all accurate. If they are inaccurate, work with the lender and bureaus to correct the reporting. Also, make sure recent inquiries from creditors check out. If you haven’t been applying for new credit but see a lot of recent creditor inquiries, it might be a signal that your information has been compromised and you’ll want to consider putting a temporary fraud alert out on your credit through the credit bureaus.”

David Hosterman, credit and financial expert with Castle & Cooke Mortgage LLC.

“It’s very important for consumers to frequently check their credit to make sure everything is being reported accurately. We see many cases where items have been paid off a year or more ago but they are still being reported on a consumer’s credit report and in some cases negatively impacting their scores. In these instances, creditors forget to inform the three bureaus that items have been paid off so it still reflects on a consumer’s credit report.” 

Katie Ross, Education and Development Manager for American Consumer Credit Counseling.

“Within the info on your report is a complete listing of all your accounts and balances. This includes current accounts as well as those that have been closed. You should look to see if any accounts are being used without your knowledge or if any of your accounts are showing payments as being late or in default. Finally, looking for potential errors in what is reported is important for ensuring your credit score is accurate so that you’re being fairly considered for credit. Errors can arise from mistakes in reporting to the agencies or from someone else’s info ending up on your report due to having similar names. Getting these errors corrected is important for getting the best possible rates on loans and credit cards.”

< previous | next >