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Check Your Credit Report When Tackling Debt

Created: On July 21, 2009 @ 2:59 pm In

So you already know you need to pay down debt. Don’t overlook an important tool in your debt reduction efforts: your credit report. It’s important to [1] check your credit report to make sure¬†debts and other financial obligations are being reported accurately. Here are some things to remember about your credit report.

  1. Creditors, employers, landlords and other businesses check your credit report when you apply for credit and services, and you should, too. Having a poor credit report could spoil your chances of refinancing a home, getting a job, or qualifying for the best interest rates on private student loans.
  2. When you check your credit report, look for incorrect and outdated information. Scrutinize everything, including the spelling of your name, social security number, and former addresses. Also, make sure any creditors and account balances are correct. If you find errors, you’ll need to contact the credit reporting agency to dispute the items. Call them first to report the error, then follow up with a letter.
  3. As you make progress with a [2] debt reduction plan, keep your credit report up to date. Make sure paid off accounts are reported as such. Also, ask the credit reporting bureau to remove old judgments, liens, and bankruptcies that are 10 years or older.

Get a Free Credit Report

Visit annualcreditreport.com to get your free¬†[3] credit report. This is the only site that is authorized under federal law to provide you with a free annual report. You’ll be able to access reports from TransUnion, Experian, and Equifax. If you want to monitor your credit throughout the year, you can stagger your requests for reports from the different agencies and get a different one every four months.

About the Author:

Francine L. Huff is a freelance journalist and the author of The 25-Day Money Makeover for Women. She has appeared on a variety of TV and radio shows.

Article printed from DebtHelp.com Blog: http://www.debthelp.com/blog

URL to article: http://www.debthelp.com/blog/2009/07/21/check-your-credit-report-when-tackling-debt/

URLs in this post:
[1] check your credit report : http://blogs.wsj.com/wallet/2009/07/16/answering-reader-questions-on-credit-reports/
[2] debt reduction : http://www.credit.com/products/debt/Debt-Reduction-Do-It-Yourself.jsp
[3] credit report: http://www.ftc.gov/freereports