What should you look for when reviewing your credit report

Personal Information Accuracy: Start your review by checking all personal information. This includes your name, address, Social Security number, and employment details. Any inaccuracies could indicate a mix-up with another individual’s credit file or potentially fraudulent activity.

Account Details: Each account should accurately reflect your credit agreements. Ensure that the balances, payment history, account statuses, and credit limits are what you expect them to be. Accounts listed should be familiar, and any discrepancies could signal an error or unauthorized activity.

Identifying Red Flags for Fraud and Identity Theft

Unfamiliar Accounts: Be alert for accounts or charges you don’t recognize, as these could be the first signs of identity theft. This includes loans, credit cards, and even small charges — fraudsters may test the waters with smaller amounts before making larger transactions.

Inquiries: Inquiries that you do not recognize should be scrutinized as they might mean that someone else is attempting to open credit in your name.

Assessing Account Statuses and Management

Open vs. Closed Accounts: Verify that open accounts listed are indeed open and that closed accounts are correctly marked as closed. An account that you’ve closed still appearing as open could affect your debt-to-income ratio.

Payment History: Payment history is a crucial component of your credit report because it records late payments, defaults, and collections which strongly affect your credit score. Confirm that the payment history correctly reflects your record of timely payments or any issues you've resolved.

Surveying for Outdated Information

Outdated Data: Negative information such as bankruptcies, late payments, or collections should fall off your report after a certain period, typically seven to ten years. Ensure that no outdated negative information is still listed on your report.

Time-barred Debts: In addition to negative information, debts that are past the statute of limitations should not be pursued by creditors. Ensure such debts are not mistakenly listed as current liabilities.

Inspecting for Data Consistency Across Reports

Consistency Across Bureaus: Obtain your credit reports from all three major credit bureaus — Equifax, Experian, and TransUnion — to ensure consistency across them all. Discrepancies could affect your creditworthiness differently depending on which bureau’s report a lender uses.

Highlighting Errors and Taking Action

Highlight Errors: If you find any errors, highlight them immediately. You have the right to dispute inaccurate information, and furnishing precise details will help expedite the correction process.

Dispute Process: Contact the relevant credit bureau to dispute inaccuracies. Provide evidence to support your claim, and follow through with the dispute until the information is corrected.

• Check personal details for accuracy.
• Review all listed accounts and ensure information is current and accurate.
• Be vigilant about signs of fraud or identity theft.
• Verify that account statuses are correctly reported.
• Confirm that outdated information has been removed.
• Examine all three credit bureaus' reports for consistency.
• Highlight and dispute any inaccuracies immediately.