Monitoring Your Credit Report
Staying informed of your credit report is the best way to stay apprised of all suspicious action (in other words, fraud and inaccuracy that costs you money). When you check your credit report, there are a few major red flags to look out for.The first error you should look out for on your credit report is an identification that doesn’t belong to you—if you see an account was opened in your name that you had nothing to do with, it’s probably a sign of fraud that requires your immediate attention. Misinformation, like variations in name spelling, wrong social security numbers, or entry mistakes, should all be addressed; sometimes it’s a mistake on the part of the credit reporting service, sometimes it’s fraud.Inquiries for credit you never applied for, public records that are not yours, and incorrect payment status are also red flags that need correcting. Incorrect payment information decreases your credit score, and as do incorrect public records (civil judgments, tax liens, bankruptcies). Credit inquiries are the least harmful to your credit score, but, if you didn’t authorize them, they might be fraud and they don’t belong on the report—and you can get them removed.It’s worth noting that while all three credit reporting agencies will provide you with a free annual credit report, they’re actually required by law to do this, and are amply compensated. So, make use of one or all of them, and be vigorous in keeping informed of your credit. If you do run into fraud or other inaccuracies you can’t handle on your own, the wise move is to contact an attorney, who can help you dispute the report and fix your credit. Contact Mike Agruss Law, for a free consultation at 312-224-4695.
