No, it won't cost you anything.

Yes, it will take a bit of your time.

Yes, it can be inconvenient in the middle of all the other things you have to do.

It IS the best way to be sure that there are no errors on your credit file, that items haven't been reported that you don't know about, and that your personal information has not been fraudulently used by somebody else.

EXAMPLES:
Our client traded in a vehicle at the dealership, so their credit report showed two car loans: the traded in car and the new one.  The traded in loan still showed a balance due on the account, with late payments, months after the trade in happened.

Another client went to refinance their mortgage and found out there was an $11 library collection from a few years ago sitting on their credit report that almost stopped the loan process.

A couple we worked with discovered two new accounts on their credit reports that they had never opened.  Turns out someone had fraudulently opened them in their name, didn't pay them off and left a mess for the couple's credit rating.

WHAT TO DO
1. Get a copy of your credit report.
You're entitled to three per year, at no cost – one from each of the credit bureaus.  Go to the official site: www.annualcreditreport.com

You can look at one, two or all three.  If you want to monitor throughout the year, just check one now and mark your calendar to check another one four months from now, and the third one four months after that.

If you want to know your credit score, go right to the source and get your real FICO scores.  They are on the right-hand side under My FICO Products, listed as FICO standard.  The discount code FICOHELP25 is good through July 31st for 25% off.  Contact us for other discounts after July 31st.

2. Review your credit report.
Look for any accounts you don't recognize.  Keep in mind that closed accounts can stay on your report for up to ten years.

Check for any negative items: late payments, collections, public records.  If there are any, determine if they are accurate.  If not, dispute them with all three credit bureaus.

3. Make this part of your financial routine.
Make sure the credit bureaus respond to your dispute letters in the time allowed by law.  Schedule the next credit report check in your planner or on your calendar. 

This little bit of maintenance and monitoring can make a BIG difference in your personal financial fitness, helping your credit scores grow.   Don't delay, do it today.

Our credit consulting services are available to anyone in the U.S. or Canada.  We can provide your Credit Check-up with a complete analysis and credit building plan starting at only $100.  Contact us today for more information.

So what do you do if there is suddenly a late payment or charge-off notation on one of your accounts that you know is in good standing?  Contact the company who is reporting it.  Tell them that you reviewed your credit file and saw this account listed as sent to collections, charged-off, or with a late payment on it, and you do not believe this is correct. 

When they say, "Oh, you're right, that was our error", get it in writing.   Request a fax, letter or email stating that the account was never late and is paid as agreed; if the account is paid off, have them add that it has zero balance due. 

Use a copy of that statement to send the three credit bureaus with your request that they correct this error on your credit report.  Keep a copy of the letters you send and note the date you send them.  Then, keep the letter.  Put it in your file with the rest of the paperwork for this company and account just in case you need it in the future. 

We have seen things pop up a few years down the road and most people know they talked to a company representative and were told, 'don't worry, we'll take care of it'.  However, without anything in writing, and without thorough notes of the details, date and time of the conversation, it is hard to prove that your side of it.

To get a copy of your credit report from one, two or all three of the credit bureaus, go to annualcreditreport.com.   This is the place to get the actual no-cost reports that consumers are entitled to by law.  There is no charge and nothing to sign up for.  You can also read more about getting your own reports and scores here.

We recommend checking one of your three credit bureau reports every four months for monitoring purposes.  If you have shared accounts with a spouse or partner, that gives you a total of six reports per year – three each.  You can alternate monitoring every two months to have check your credit even more often. 
NOTE: If you find an error on one credit bureau report, send the dispute to all three to be thorough. 

We offer individual credit consulting for those who don't want to pursue their own corrections and we also provide a Credit Analysis for those who want strategies to grow their scores based on where they are right now.  Contact us today for more information.

To give yourself every financial option you can, building your credit rating and getting better credit scores should be part of your Personal Financial Fitness plan.  Just like paying the bills on time and following your budget, having a Credit Building Plan in place, and using it, should be part of your routine. 

WHAT TO DO
1) Pay all bills on time.  Don’t be late on anything.  This is the number one factor in credit scores.  If you do miss a payment’s due date, contact the lender immediately to find out if it has been reported to the credit bureaus.  Typically, payments that are less than 30 days late are not reported. 

2) Keep credit card balances under 50% of the credit limit.  Having your account balances over half of the available credit usually causes credit scores to go down.  This includes your gasoline cards and retail store accounts, too.

3) Keep revolving accounts open and active.  Don’t close your credit cards when they are paid off.  They help several parts of your credit scores and they do this best when they have zero or very little balance and are used a few times a year to keep them reported as active accounts.  Use your planner to schedule a fill up with that fuel card you rarely use or that Sears account you’ve had for years.  Pay the entire bill as soon as it arrives; you’ll save money on interest fees and help your credit scores grow.

4) Keep your credit cards at home in a safe, locked place.  Don’t carry all of them with you all the time.  You rarely need to use them all in one day anyway and it may help to reduce the temptation to overspend.  Additionally, having fewer items in your wallet means less opportunities for identity thieves in the event your wallet is lost or stolen.

5) Limit the number of times you apply for credit.  The scoring formula takes into account how often you are “shopping” for credit; too many inquiries can trigger a drop in scores.  Rate shopping for mortgages or auto loans should be done within a two-week period to minimize the effect on credit scores.

6) Monitor your credit regularly.  Checking for errors at least three times per year is a great way to be sure your credit report is accurate and contains only YOUR information.  The rise in identity theft and the continued rate of credit reporting errors means you must take an active role in maintaining your good credit rating.  You can do this for free with your Annual Credit Reports.  Dispute any errors with all three credit bureaus, even if you only found the error on one report.  Keep copies of everything.

7) Bookmark our website and subscribe to the link on the right to stay updated on credit building information.  You can also get personal credit consulting services designed to optimize all five parts of your credit score based on the accounts you currently have.  Contact us today for more info.

NOTE: There are many imposter websites as well as companies that advertise “free” credit reports.  Most of these are for-profit operations that require you to sign up for one of their services, usually with a 30-day trial period, to get your “free” report.  These are NOT your actual free reports allowed by law.

The FCRA gives every consumer the right to a copy of their credit file from EACH of the three credit bureaus annually.  That is actually THREE FREE reports per year.  You can obtain one free report every four months to effectively monitor your credit throughtout the year.

OTHER FREE REPORTS
If you apply for a loan, credit card or insurance and are turned down, you are entitled to a free credit report from the credit bureau that provided the information to the company that denied your application.  The company is required by law to send you a letter with the details on why you were denied along with the instructions on how to obtain the free report.  You have 60 days after you receive the notification to request your free report.

If you are unemployed and plan to look for a job in the next 60 days, you can state that in a letter to the credit bureaus and get a free credit report from each of them.

If you are on public assistance or welfare, you can also send a letter requesting your free report.

If you believe there is fraudulent information or activity associated with your credit report, you can place a fraud alert with all three credit bureaus and get a free report from each to assess the accuracy of your file. 

You can help your credit scores grow by checking your credit reports regularly and correcting any errors. 
Increase your Financial Fitness with a Credit Check Up and get strategies to help each part of your score.

Under the Fair Credit Reporting Act, everyone in the U.S. is entitled to THREE credit reports per year, one from each of the three major credit bureaus.  You can get these yourself, at no cost, and it doesn’t count against your scores.  By checking a different bureau’s report every four months, you can monitor your credit year round.  Look for any unknown accounts; unusual balances on existing accounts; incorrect personal information such as misspelled names, extra social security numbers and inaccurate birth dates.  Contact all three credit bureaus immediately to correct the errors. 

Many credit card companies and financial institutions offer some sort of credit monitoring service to exisiting customers.  If it is available to you at no cost, take it.  Even if it is not the most comprehensive program, it can be a supplement while you continue to do your own monitoring.

Because more people are becoming aware of the importance of their credit rating, almost every company out there is jumping on the band wagon with some kind of offer.  They vary greatly in price and scope of what is included.  Understanding what is provided before you sign up will help you to get a program that fits your needs.

Credit monitoring services primarily protect against new account fraud.  They may monitor one, two or all three credit bureaus on a daily, weekly, monthly or quarterly basis.  Typically, the consumer is notified when a new inquiry appears on their credit, an indication that there is a credit application using their name, social security number and birth date.  Notifications usually happen when a new account is opened, an existing account is closed or, sometimes, if the balance on an existing account changes significantly.

Some services include an updated credit score.  That part sounds good, except that most services do not provide a true FICO score and FICO scores are what the majority of lenders use.  One place to get your actual FICO score along with your credit monitoring is from the FICO company itself.  They have a Score Watch service that gives you daily credit report monitoring and weekly FICO score monitoring.

The main thing to remember is that you CAN be proactive, learn about your credit, and take steps to protect it.