Library of Congress Federal Credit Union

Solid credit is a must in today’s world. To achieve that, you should periodically (at least once a year) review your overall credit report. The professionals over at BALANCE have some tips to help you spot errors and possible identity theft on your credit report and what to do if you find issues.

Look for honest mistakes: If you see a wrong address, wrong middle initial, or even a wrong account on your credit report, it may not necessarily be identity theft. But usually, because credit reports are compiled based on your identifying information, these errors might just be a case of mistaken identity. For example, one thing financial coaches and counselors see often is a confusion of information between people with similar names. However, this could mean another person’s potentially damaging information is finding its way onto your credit reports.

Watch for warning signs: If you see a credit card on your credit report that was opened, quickly maxed out and then never paid, that should be a red flag. Similarly, collections accounts, bankruptcies, or liens you don’t recognize are also causes for concern.

When to take action: All incorrect information on your credit reports should be taken seriously. The bottom line is that you need to get this information off your credit report, and as it turns out, getting it removed is also the best way to determine if false information is identity theft.

Since the formal dispute process to correct inaccuracies with the credit bureaus can take several weeks, it’s best to get started ASAP. The easiest way to do this is at the website for each of the bureaus reporting the information, whether Equifax, Experian or TransUnion. On each of these web pages is a link that will get you started on the dispute process. Be sure to dispute all the incorrect information, since an incorrect Social Security number or address could open the door for other incorrect information to get into your report.

Here’s the website information you need for each of the reporting agencies.

• Equifax’s dispute page
• Experian’s dispute page
• TransUnion’s dispute page

When you find serious errors that are obviously fraud and/or identity theft, you’ll also want to contact your financial institution and the police to file a report. The police report and documentation from the Federal Trade Commission will be vital for you to get the fraudulent account or legal information removed from your credit reports.

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