What to Look for on Your Credit Report
11 March 2021
Here at the Calig Law Firm, we will frequently pull a credit report to help clarify what is going on with your current finances. Contact us today if you would like help getting your finances sorted. If you pull your credit report yourself, when you receive your credit report, check for the following items:
- Personal Information
- Make sure that your personal information is correct and current.
- Credit Inquiries
- Check to make sure that any inquiries showing up on your credit report were authorized by you. Inquiries can stay on your report for up to two years.
- Incorrect Entries
- If there are mistakes on your credit report (such as accounts that aren’t yours or on time payments that are showing as late), you can have them corrected through a simple procedure we will cover in another post. Errors on credit reports are quite common.
- Outdated Negative Credit
- If there are unfavorable credit items showing up on your credit reports, check to see if they are outdated. According to the Fair Credit Reporting Act, derogatory information must be removed from your credit report after a certain amount of time has passed depending on the nature of the problem. These times vary depending on the classification. Some examples are:
- Current Negative Credit
- If you have current credit problems, the time to resolve them would be before we want to apply for any additional credit. It may take some time to do, but it is well worth making the effort to clear up credit issues. Establishing good credit after bankruptcy is incredibly important, but also a very straight forward process.
If you have any questions about this information or questions about pursuing bankruptcy, please contact our office today!
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