Consumer Credit Report
Consumer credit report.
Consumer Credit Report
For many, checking their consumer credit report is a lot like looking at a forest: sometimes it's hard to tell the forest from the trees. What you are glossing over is a list of former addresses and employees, past viewers and present credit accounts.
But although a consumer credit report is supposed to be a factual representation of your financial and credit history, the facts sometimes get scrambled in the translation.
Because your consumer credit report is actually a living entity (it is changing all the time as creditors report new info to the relevant credit bureaus) your number one priority is to make sure that the numbers add up.
Whether by institutional or human error, consumer credit reports will contain mistakes - mistakes that could drastically diminish you chances at getting that home or car loan you've been looking into for some time. One simple clerical error can actually lower your credit score dramatically, making it seem that you are not in control of your spending habits.
Aside from verifying that your personal information is up to date, you want to make sure that all public records and accounts listed in your consumer credit report are accurate. If you see a bankruptcy, make sure the details are right. If you notice an account you closed is still active, look into it.
And if everything adds up, then don't just breathe a sigh and forget about your consumer credit report for the next year or so. Check regularly. You'll save yourself any unpleasant surprises.
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