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You should be checking your credit report regularly

By Faye Mergel
Published: Wednesday, August 20th, 2014

Believe it or not, you should be checking your credit report on your own each year, especially if you are planning to apply for a new loan. This may seem as a waste of time for some but practice has shown that there is at least one mistake in one out of twenty credit reports. Those mistakes may be trivial but they also can be crucial in form of missed payments or a debt still listed as not settled.

Checking and correcting mistakes from your credit report can greatly improve your chances of getting a new loan or having drastically better terms with your next loan. If you are wondering how can you have mistakes in your credit report, since it’s been made by lenders, banks or credit bureaus, the answer is easy – they made them, but they also don’t have an obligation to check credit reports themselves so this whole job is entirely up to you.

You can get your credit report from either of the three credit reporting agencies – Equifax, TransUnion or Experian once a year for free. When you have the report in your hands, you should start checking for any incorrect inputs, there may be some spelling errors of your name or address, but you could also find some major mistakes such as accounts that you don’t own, some collections that don’t belong to you, maybe late payments that were actually made on time or some inquiries not authorized by you. If you were able to find something that doesn’t match your own notes or bank account reports you should file a dispute.

Here are good news- the quickest and easiest way to file a dispute is online. You should check the bureaus websites and search for emails to submit your complaint. You should also search for downloadable forms (provided on the website) and fill them in. Be sure to explain yourself about what you are disputing and also provide proofs for your claim. Any paperwork that you can find such as payment reports, letters or monthly statement clearly showing you have made your payments on time should be sent together. Before filing your dispute, you should always make copies of documents and if possible record any conversation you had with lenders, banks or credit bureaus – in this way you’ll have a paper trail should you decide to take legal action.

As you can see, checking your credit reports on regular basis isn’t something you should neglect, when it comes to taking loans any mistakes can make all the difference between good or bad terms offered to you.

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