– Understanding and Overcoming Credit Card Debt

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How Often Should You Check Your Credit Report?

Why It’s Important to Check Your Credit Report Regularly

Regularly checking your credit report is crucial for maintaining your financial health. At O1ne Mortgage, we recommend reviewing your credit report at least once a year, but quarterly checks are even better. This proactive approach helps you stay informed about your credit status and address any issues before they impact your credit score.

How to Check Your Credit Report

There are several ways to access your credit report:

• Online: Register with Experian to get free access to your FICO® Score and Experian credit report.
• Mobile App: Download the Experian app on your Android or iOS device to check your credit report on the go.
• Via Mail: Request a physical copy by mailing a form to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

You can also get free weekly copies of your credit reports from Experian, TransUnion, and Equifax through AnnualCreditReport.com.

What to Look for in Your Credit Report

When reviewing your credit report, pay attention to:

• Personal Information: Ensure your name, Social Security number, and addresses are correct.
• Credit Accounts: Verify the details of each account, including the creditor’s name, account status, balance, and recent payments.
• Inquiries: Check for hard inquiries, which can affect your FICO® Score for 12 months, and soft inquiries, which do not impact your score.
• Public Records: Look for any bankruptcy filings or other public records.

What to Do if There’s an Error on Your Credit Report

Errors on your credit report can range from minor to severe. Common errors include incorrect payment history, inaccurate account status, duplicate debts, and incorrect personal information. If you find an error, you have the right to dispute it with the credit bureau. Here’s how to file a dispute with Experian:

1. Get Started: Visit Experian’s online Dispute Center.
2. Review Your Credit Report: Identify the information you want to dispute and select a reason.
3. Provide More Information: Add supporting documentation if available.
4. Submit Your Request: The credit bureau will investigate and typically resolve the dispute within 30 days.

Does Checking Your Credit Report Hurt Your Score?

Checking your own credit report is considered a soft inquiry and does not affect your credit score. Soft inquiries occur when you or someone else checks your credit for reasons unrelated to a credit application, such as prequalification tools or landlord credit checks. Hard inquiries, on the other hand, occur when you apply for credit and can impact your FICO® Score for 12 months.

The Bottom Line

Regularly checking your credit report is essential for protecting your credit health. At O1ne Mortgage, we encourage you to be proactive, especially if you plan to apply for a mortgage or other large loans. For any mortgage service needs, call us at 213-732-3074. We’re here to help you navigate your financial journey with confidence.