These mistakes can lower your credit score

Do you know the difference between 550 and 780? Yes, they’re 230 digits apart, but they’re also examples of bad and good credit scores, respectively.

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If you’re not checking in on yourself regularly, now is the time to start. Small mistakes are more common than you think and can cause serious damage to your credit score. I’m going to walk you through some of the most common credit report errors and what you can do to fix them.

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Step 1: Get your free credit report

Three credit reporting agencies are required (TransUnion, Experian, and Equifax) according to law Get you a free credit report every year. Sweet. There are several ways you can request a copy from each agency.

Online is the fastest way. If you submit a request by phone Or send it by mail. It is expected to wait two weeks after receiving the documents.

Online: www.AnnualCreditReport.com
Telephone: 877-Facts (877-322-8228)
mail: Download and fill out the Annual Credit Report Request Form. Send to: Annual Credit Report Request Service, PO Box 105281, Atlanta, GA 30348-5281

hint: Get your report from Fourth Credit Bureau, Innovisalso.

Close-up of a man holding a smartphone and laptop on January 31, 2019. (Neil Godwin/Getty Images for The Future)

Step 2: Find the most common errors

Misspellings or incorrect information: Every number is off, from the misspelling of your name to your address or your date of birth. Small mistakes can confuse your credit with that of others.

Account you don’t recognize: If you see something you don’t recognize, don’t ignore it! This includes credit cards you never applied for, loans in your name or buy You didn’t do it.

Duplicates: It’s not normal to see a debt twice on your credit report. This includes the same collection account, a transferred debt that appears as a separate account, or a discharged debt that still remains there.

Account information is incorrect: Occasionally, a payment may incorrectly appear as late, or a closed account may still appear as active. Other times, a report may show the wrong credit limit or mess up your payment history.

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Outdated information: Bankruptcies that are more than 10 years old, late payments that are more than 7 years old, and past-due collection accounts should not show up on your credit report.

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Step 3: Report any abnormalities

Don’t panic! Write down and copy anything that looks unusual, and then dispute it with the credit reporting company by mail, phone, or online.

If you submit online or by mail, please explain in writing exactly what the problem is and why, and include supporting copies of the documents. Be sure to include your contact information, your credit report confirmation number, and a copy of your credit report.

A close-up of the text “Credit Files and Personal Identity” in the upper corner of a consumer credit report from credit bureau Equifax on September 11, 2017, on a light wooden surface. (The Smith Collection/Gadot/Getty Images)

And always follow up! The Office must investigate your dispute within 30 days. Follow its progress until a written resolution is reached. If your dispute is valid, the bureau must resolve the issue and notify the other bureaus.

Many of these problems can be attributed to old-fashioned human error. It happens, but don’t let it stop you from taking charge.

When you do this, find your work number

Equifax also operates a database of $716 million in revenue Employment recordspossibly including yours. It’s called a “job number,” and it’s used by employers to make sure you are who you say you are.

Your Employment Data Report (EDR) includes information such as where you worked, how long you worked, and your exact past salary figures.

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Want to find a new job? Employers can use your EDR to learn about your past salary range and negotiate lower prices for you. Of course, Equifax will sell your EDR to any buyer, including debt collectors.

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how to stop it

you can Freeze your EDR Just like a credit report. You can also see who has tried to access it within the past two years. You will need to register an account on The Work Number to do this.

Use their information to search for your current or previous employers Name or employer code (nine-digit number on W-2).
Click on their name and then click Register now. NOTE: It will ask for your social security number.

After registering, please review your reports and make sure they are accurate. fill in this Data dispute form If you see anything suspicious.

A credit card comes with a restaurant bill. (iStock)

Then, return to the dashboard and click Freeze your data. fill in Data freeze placement table and submit. Work Number will send you a freeze confirmation letter as well as a pin. Save your PIN in a password manager. You will need this if you want to unfreeze the report.

You can unfreeze your report at any time by logging into The Work Number or calling them.

If you can’t find an employer: They may not be registered for a job number. Please call the Freeze Helpline at 1-800-367-2884 to double check.

Unless you are actively applying for a loan or government benefitsor unless your employer proactively requests your EDR, freezing it is a given. If a potential employer insists on checking your EDR before hiring you, maybe it’s not the right fit after all.

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