Introduction

Your credit reports contain a detailed record of your credit accounts and personal information. Regularly reviewing your credit reports is crucial for building and maintaining a strong credit history and protecting yourself against identity theft. Fortunately, you can access your credit reports from all three credit bureaus for free. Here’s how you can do it.

How to Get Free Credit Reports

You can access your Experian credit report for free anytime by registering with Experian. Alternatively, you can get free weekly access to your credit report from Experian, along with Equifax and TransUnion, through AnnualCreditReport.com, a website jointly operated by the three credit bureaus.

What to Look for When You Review Your Credit Report

Whether you’re working to improve your credit scores, planning to apply for credit, or simply wanting to know where you stand, here are some key elements to focus on:

• Personal information: Your legal name, nicknames, aliases, year of birth, current and previous addresses, and other key personal details.
• Credit accounts: Information on each of your credit accounts, including account types, balances, payment history, and dates of account opening and closing.
• Inquiries: Hard and soft inquiries listed on your credit reports for two years.
• Public records: Bankruptcies and other public records that can appear on your credit reports for up to 10 years.

How Often Is My Credit Report Updated?

Your credit reports are updated each time a lender or other data furnisher reports information to one or more credit reporting agencies. Creditors typically report information on a monthly basis, but there’s no set day when all lenders update this data. Depending on how many creditors you have, your credit reports could change frequently throughout the month.

Reasons Why It’s Important to Check All 3 Credit Reports

It’s generally important to review your credit reports before you apply for credit or if you believe you’ve been a victim of identity theft. But it’s also a good idea to check your credit reports at least every few months to stay on top of your credit history. Here’s why:

• Ensure all the information is accurate: Occasionally, you may find inaccurately reported information or fraud. Erroneous information can damage your credit scores.
• Identify areas where you can improve: Your credit reports will help you determine which steps you need to take to improve your scores.
• Get a holistic view of your credit standing: Checking your credit scores and reports can give you a general idea of your creditworthiness and help you evaluate your approval odds.
• Check for discrepancies: Reviewing all three credit reports can help you detect issues you may not notice if you’re only checking one of them.

How to Fix Inaccuracies on Your Credit Report

If you find a name, a credit account, or other information you don’t recognize, it could be a sign of identity theft. If this happens, you have the right to file a dispute with the appropriate credit reporting agencies. Each credit bureau has its own process for handling disputes. Experian makes it easy to initiate a dispute online through the Experian Dispute Center. You can also initiate a dispute at Experian by phone or mail. Once you submit a dispute, the credit reporting agencies typically investigate and resolve the request within 30 days.

How to Check Your Credit Scores

While your credit reports are the basis of your credit scores, you won’t find your score anywhere on your reports. Fortunately, you can access the FICO® Score based on your Experian credit report for free anytime, making it easier to stay on top of your credit health. You can also access your FICO® Score based on all three of your credit reports for a one-time fee or by subscribing to a premium Experian account. Checking your credit scores regularly can help you spot early signs of potential issues.

The Bottom Line

Regularly reviewing your credit reports can help you build and maintain good credit scores and also identify potential threats to your creditworthiness. With Experian’s free credit monitoring service, you can review your Experian credit report and FICO® Score and also get real-time alerts when changes are made to your report, making it easier to keep track of your credit profile.

Contact O1ne Mortgage for Your Mortgage Needs

At O1ne Mortgage, we understand the importance of maintaining a strong credit history. If you have any questions or need assistance with your mortgage needs, don’t hesitate to call us at 213-732-3074. Our team of experts is here to help you every step of the way.