The Loan Lady Blog

Check Please -- Your Credit!!

April 26, 2009

How long has it been since you checked your credit?  If it has been a while, take a few minutes to see what items show up on your credit report.  The best place to do this is www.annualcreditreport.com.  It is one of the best sites to get a 3-bureau report and your credit scores for free.  I have been told by one of the credit reporting agencies that this site uses the most up-to-date scoring models and is comparable to reports we run for loans.

When I run credit for a client, I always make time to go over the report together.  I ask the borrower to make sure he or she recognizes the accounts listed, the addresses listed for credit, and identify any items that look questionable.

I did this recently with a couple and they found a Discover Card account that they did not recogize. The wife investigated and found that it was a fraudulent account on which there had been charges but no payments.  Luckily for the couple, it was a new account and the nonpayment had not affected their credit negatively.  They were able to file a dispute, the creditor is investigating it, and the couple will probably put a Fraud Alert on their credit.

So just to be safe, make sure you monitor your credit on a regular basis.