Credit Report Checklist

Keeping track of records seems like a boring job for any person. Matching the names, date of birth, contact number, address, PAN card details, passport number, voting IDs, etc. of each person becomes very difficult. CIBIL has built an algorithm to consider multiple fields before making a match before raising the credit report in order to solve this problem. However, it is said that lenders or identity theft lenders or identity theft lenders can make some mistakes or errors, lack of updated details, personal data errors, etc. After receiving your credit report, this all needs to be reviewed. This will allow you to ensure the completeness and integrity of both your personal and financial details. If you find any errors in your credit report in the event, you can contact your lender or any of the three credit bureaus immediately to refute errors on time. The checklist that you should not skip while reading your credit report is given below:

  1. MAKE SURE THERE ARE NO ERRORS IN REPORTING BY THE LENDER

In order to know your current status, you need to review your credit reports very regularly, especially when applying for any loan or credit card. Checking your records from time to time will allow you to understand the potential mistakes that your lender may have made when reporting your credit transactions. Not only will it help you find mistakes in your report, but it will also encourage you to use the best terms for the credit product. What you need to check when reading your credit report is this:

  • The first thing that you need to do is carefully read every portion of your credit report.
  • Now, check your credit card and loan for the outstanding number. You may have cleared up then, but your report might not be revised. If this occurs, it suggests that something is wrong that needs to be corrected on time, since it would affect your credit score.
  • If you find an error in your personal information, address, or unpaid balance, report it to the credit reporting bureau immediately. And write a letter to the creditor who mentioned the information that was incorrect. For each of the three credit bureaus for correction, you can also raise a dispute.

  1. CHECK FOR IDENTITY THEFT

Check for inquiries that you have not made. For instance, if your credit report reports a loan application that has not been initiated by you, then you can be sure that it is a case of identity theft. What you need to look for when searching for potential fraud is:

  • Credit inquiries that you have not made.
  • Loan accounts that you have not initiated.
  • Credit inquiries that you have not made.
  • Late payments or defaults that were not made by you.
  • Wrong address and other information that identifies it.
  • Wrong contact number.

If a case of identity theft occurs, report it immediately to the credit bureau that provided the report and immediately inform the lender.

  1. CHECK YOUR ACCOUNT INFORMATION

Your account information is the bulk of the information in your credit report. You need to review the following items when reading your credit report:

  • All your accounts (loans and credit card accounts) should be checked. They should be in your name.
  • Cross-check your credit limit, current balance, and history of payments.
  • Remember that your accounts have been inactive and closed.
  • Notice all the payments skipped or late and their derogatory remarks.
  • Check the account for active loans and credit cards and see if they can be consolidated.
  • Organize documents relating to your accounts and keep the records in order so that you can easily track them.

  1. DISPUTE RESOLUTION PROCESS

The dispute resolution process you need to take after you find mistakes in your credit report is provided below. Such measures will help you quickly file a lawsuit with the credit bureau:

  • Review your credit report carefully and identify the mistakes.
  • Contact your credit bureau to correct your credit report’s error.
  • Review and submit the dispute form.
  • Wait for the credit bureau to respond to the dispute over your credit report.
  • Review the results of the investigation.
  • Check for updates in your credit report.

Upon obtaining the dispute, the credit office typically takes 30-45 days to report the findings back to you as they need to investigate and check facts with the furnisher. Before filing a lawsuit, make sure that you have all the documentation ready with you.

So, you will be able to keep track of the details specified in your credit report by following the above-mentioned items, which will, in turn, assist you to take corrective action on time by correcting what is incorrect. It is therefore your primary duty to regularly review your credit report and score and stay away from mistakes that can hamper your credit score.