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Why Regularly Checking Your Credit Report is Crucial

Managing your personal finances effectively requires regular monitoring of your credit report. At O1ne Mortgage, we understand the importance of maintaining a healthy credit profile, and we’re here to guide you through the process. Call us at 213-732-3074 for any mortgage service needs.

What to Review on Your Credit Report

Your credit report is divided into several sections, each containing vital information. Here’s what you need to look for in each section:

Personal Information

This section includes your name, birth year, addresses, phone numbers, employers, and any co-applicant’s name. Ensure all details are accurate to avoid identity theft or credit fraud.

Credit Accounts and Collections

Review your accounts for any unfamiliar entries, incorrect credit limits, loan balances, or payment amounts. Closed accounts can remain on your report for up to 10 years if closed in good standing, while negative marks typically fall off after seven years.

Inquiries

Inquiries are records of when your credit report is accessed. Hard inquiries, resulting from new credit applications, can impact your credit scores and stay on your report for about two years. Soft inquiries, such as those from preapproval screenings, do not affect your scores.

Public Records

Bankruptcy is the only public record that appears on your credit report. Chapter 7 bankruptcies can stay for up to 10 years, while Chapter 13 bankruptcies can stay for up to seven years.

Benefits of Checking Your Credit Report

Regularly checking your credit report offers several benefits:

• Understand what and when your creditors report to the bureaus.
• Stay informed about important changes, such as the removal of negative marks or the addition of new accounts.
• Detect identity theft or fraud early by recognizing unfamiliar information.
• Improve your credit scores by knowing where you stand and what’s impacting your scores.

How to Get Your Free Credit Report

You can obtain your FICO® Score and credit report for free with an account from Experian. This account provides complimentary score and report tracking, with real-time notifications for important changes.

How to Dispute Inaccurate Information

If you find errors in your credit report, you have the right to dispute them for free. You can open a dispute by mail, phone, or online. For Experian credit reports, the online option is the quickest and easiest:

1. Go to the Experian Dispute Center.
2. Click “Start a new dispute” to pull up your credit report and find the information you want to dispute.
3. Select the account or information and choose a reason for the dispute.
4. Review the dispute and click submit. You may upload supporting documents to help with the investigation.

Experian will investigate the information, often by contacting the data furnisher. The investigation typically takes 30 to 45 days, but it could take less time. Depending on the results, Experian may correct, update, or delete unverifiable information.

Use Free Monitoring to Spot Changes

Regularly reviewing your credit reports is crucial, and using a credit monitoring service can help. Experian’s free credit monitoring service alerts you to important changes, such as new accounts or credit inquiries, allowing you to investigate further.

At O1ne Mortgage, we are committed to helping you maintain a healthy credit profile. For any mortgage service needs, call us at 213-732-3074. Our team of experts is ready to assist you in achieving your financial goals.

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