Your credit report plays a major role in your financial life, but many people rarely think about it until a problem arises. Whether you are applying for a loan, buying a car, renting an apartment, or even interviewing for certain jobs, your credit report can influence decisions that affect your future. Errors on your credit report are more common than you might expect, and they can cause serious harm if left uncorrected. That’s why regularly reviewing your credit report is a simple but important step you can take to protect yourself. Read on and reach out to a seasoned credit report lawyer from Cook Law to learn about how often you should check your credit report for errors, and how our firm can help if you’ve discovered one.
Why is it important to check my credit report regularly?
Mistakes happen. Sometimes they are the result of data entry errors. Other times, they stem from identity theft or creditors failing to report updates to your accounts. No matter the cause, an error on your credit report can lower your credit score, increase your interest rates, or even prevent you from being approved for credit altogether. By checking your credit report on a regular basis, you give yourself the opportunity to spot issues early and take action before they do lasting damage.
Importantly, you are entitled to a free copy of your credit report from each of the three major credit reporting agencies–Equifax, Experian, and TransUnion–once every 12 months through AnnualCreditReport.com.
How often should I review my credit reports?
At a minimum, you should check each of your credit reports once a year. However, spreading out your requests so that you check one report every four months can help you monitor your credit throughout the year without paying anything. For example, you might review your Equifax report in January, Experian in May, and TransUnion in September. This schedule gives you more consistent oversight and helps you catch errors sooner.
If you have been the victim of identity theft in the past, or if you are in the process of applying for new credit, it makes sense to review your reports more frequently. Likewise, if you notice something suspicious, such as a sudden drop in your credit score or calls from debt collectors about accounts you do not recognize, checking your reports right away is a smart move.
What should I do if I find an error on my credit report?
If you discover an error, do not ignore it. Start by gathering any documents that support your claim. You will need to file a dispute with the credit reporting agency that lists the inaccurate information. This can often be done online, but it is a good idea to follow up in writing so you have a paper trail. The credit bureau generally has 30 days to investigate and respond. In some cases, you may also need to contact the creditor that provided the incorrect information.
When errors are not corrected or the situation becomes complex, a consumer protection lawyer can help you take the next steps. Cook Law can advocate for your rights and help you seek damages if the errors have caused you harm.
