Customer Know How:
Resolution #1 — Know How To Check Your Credit

Once holiday spending draws to a close, it can be useful to understand and review your credit report to catch any inaccuracies or fraudulently opened accounts. This way, you can start the new year with confidence in your financial wellbeing. There are three nationwide credit reporting agencies who compile information about you and your credit history. Since it's the information on your credit report that ultimately determines your credit score, it is important to know and have the opportunity to check the accuracy of this information. By understanding your report and reviewing it for accuracy, you can get the new year off to a great start!

Your credit report should normally include:

  • Your personal information (name, address, employers, SSN, etc.)
  • Your credit history, including open accounts, accounts closed within the past 7-11 years from their date of last activity, and the details of each of these accounts
  • “Inquiries” that indicate when a credit reporting agency has shown your credit report to another party (landlord, insurer, employer, etc.)
  • Public records such as liens and bankruptcies

Who can see your credit report:

Anyone with what is legally considered a “permissible purpose” under the Fair Credit Reporting Act can view your credit report. This includes:

  • Potential lenders
  • Landlords
  • Insurance companies
  • Employers and potential employers (with your written consent)
  • Companies you allow to monitor your credit report for signs of identity theft
  • Those considering your application for a government license or benefit
  • A state or local child support enforcement agency
  • Any government agency
  • Someone who uses your credit report to provide a product or service you have requested
  • Someone that has your written authorization to obtain your credit report

Make sure your credit report is accurate by looking for the following:

  • Incorrect or incomplete personal information (name, address, etc.)
  • Accounts that you never opened
  • Accounts that you've closed but appear open and do not list “closed by consumer”
  • Accounts with inaccurate histories (e.g. payments listed as “late” when you know they were on time)
  • Inaccurate credit information exceeding seven to ten years (depending on the item)