Your credit report and score are central to your financial life, especially if you’re preparing for a mortgage, car loan, or other major financial decision. This guide covers how to check your reports, dispute errors, reduce unwanted solicitations, and understand how inquiries affect your score.
1) Checking Your Credit Report
Free Annual Reports: Review your personal credit reports from Experian, Equifax, and TransUnion once a year for free at AnnualCreditReport.com.
Correcting Errors: If you find a mistake, file a dispute online using these federal resources: FTC – Disputing Errors and CFPB – Dispute Errors.
2) Understanding Credit Inquiries and Scores
Hard vs. Soft Inquiries: Soft inquiries (like checking your own score) don’t affect your credit. Hard inquiries (from applying for a loan or credit card) may lower your score slightly.
FICO® Scores: Used by many lenders. Learn more at MyFICO or FICO Score Education.
VantageScore: Another scoring model often used by monitoring services. Details at VantageScore.
3) Avoiding Unwanted Solicitations
Applying for credit can trigger prescreened offers or “trigger leads.” Reduce or eliminate these solicitations with the following:
- Mail offers: Opt out at OptOutPrescreen.com or call 1-888-567-8688.
- Phone calls: Register your numbers at DoNotCall.gov or call 1-888-382-1222.
- Additional filtering: Visit DMAchoice.org via the Association of National Advertisers.
Note: Companies with which you have a current relationship, and certain nonprofits, may still contact you.
4) Protecting Your Credit File
Fraud Alerts & Freezes: Contact Equifax, Experian, and TransUnion to place a fraud alert or freeze. Some bureaus also offer “locks.” Remember to unlock before applying for new credit.
Learn more at the FTC Credit Freeze FAQs.
5) Counseling and Repair
HUD-Certified Counseling: Find free or low-cost help via HUD’s search tool: HUD Housing Counseling.
Beware of Credit Repair Scams: Review the FTC’s consumer guidance: Debt Relief & Credit Repair Scams.