Asking for a Friend - What should I look for when I'm reviewing my credit report?

April 11, 2022

Q: What should I look for when I’m reviewing my credit report?

Amy: We think this is a great question! Before we answer this question, did you know that different credit reports might have different creditors listed?  There are three main credit reporting agencies: TransUnion, Experian, and Equifax.  Here are some things we look for:

  • Do you recognize all creditors listed?

  • What is the status?

  • Does the amount owed look correct?

  • At the bottom of the report, do you see any addresses that aren’t yours?  Did you know that could be a big warning sign!

  • This summer, if you owe any medical debt, it should fall off your credit report, so keep an eye out for that.

Kate:  Also, if you find a discrepancy you should reach out to the credit agency. Many now have an option online where you can report or dispute an item.

  • How to get organized before reviewing your report

    • Pull out your (or up) your current creditors and financial websites, compare each one to your credit report.

  • How is my credit score determined?

    • This depends on who is generating the credit score. If you are a CreditKarma user, you will notice that TransUnion and Equifax both have a different credit score for you; and if you compare that to FICO, that will be different too. However, they all have the following sections in common:

      • Payment history (timely payments)

      • Credit Utilization (the higher the credit limits but lower the utilization of those limits, the better)

      • Age of credit (the longer average age, the better)

      • Types of accounts (diversity of your credit mix)

      • Hard credit pulls (the fewer the better your score) - side note, they often bunch “like” pulls, so if you are looking for a house, they might view multiple credit checks from banks less negatively.


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