October 19, 2021 2:20 am

How To Check My Credit Score to Ensure My Score Is Correct

It’s important for an individual to know their 3 digit score because this number is used to gauge your credibility and financial stability. should-i-pay-to-check-my-credit-score A low score means I will be considered a credit risk to lenders and I will end up paying a lot more interest, and even possibly be rejected for loans and employment opportunities. So how do I check my credit score to make sure it’s correct?

First of all, I will need to order my 3 free credit reports from the official government site annualcreditreport.com. I will get one free report from each credit reporting agency – Experian, Equifax and TransUnion. When the reports arrive I will need to check them to make sure the information is correct.

How do I check my credit score?

To check my credit score I will need to first verify that the information on my credit reports is correct. This is what I will be checking:

 

  • My personal and identifying information such as my name and address, social security number, date of birth, employment information;
  • Credit accounts listed in my name – I need to verify each account, and ensure that the payment information has been correctly supplied to the reporting bureau – check dates of payments made as well;
  • Inquiries – When an individual applies for a loan or employment or even a house or apartment rental, they authorize the lender or service provider to do a check on their credit report. These inquiries appear on your report, so ensure that you are aware of them.

 

Any discrepancies or errors you find must be reported to the reporting agency along with the credit provider with the necessary supporting documentation attached in support of your dispute. The agency has 30 days in which to investigate your dispute and get back to you.

How is my score made up?

A score is calculated from all the data in your credit report such as:

 

  • Account information – credit cards, installment loans, mortgage etc;
  • Payment information – number of accounts paid on time, payment defaults and past due information;
  • Amount owing on your accounts;
  • Available credit on accounts such as credit cards;
  • Recently opened accounts and type of account;
  • Account history – the length of time since accounts were opened.

 

How can I increase my score?

An individual can increase their score by ensuring that their account payments are always made on time and they use their credit cards responsibly. There should always be a healthy available limit on your credit cards because this will help towards increasing your score.

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