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How to Check and Dispute Your Credit Report

At O1ne Mortgage, we understand the importance of maintaining an accurate credit report. Your credit report plays a crucial role in your financial health, and ensuring its accuracy can help you secure better mortgage rates. If you have any mortgage-related needs, feel free to call us at 213-732-3074.

How to Check Your Credit Report

You can obtain your credit reports from the three major credit bureaus—Experian, TransUnion, and Equifax—at no cost. One convenient way to check your Experian credit report is by creating a free account. This account provides you with a FICO® Score based on your credit report and insights into what factors are impacting your score. Additionally, you will receive notifications for any significant changes to your credit report, and you can review an updated Experian credit report daily.

Another option is to visit AnnualCreditReport.com, where you can get a free copy of your credit reports. You are also entitled to a free report if you are denied credit or suspect you are a victim of fraud.

What to Look for When Reviewing Your Credit Report

When examining your credit report, pay attention to the following sections:

• Personal Information: Verify the accuracy of your name, aliases, addresses, phone numbers, and employers. Note that Experian does not display your full Social Security number for security reasons.
• Inquiries: Check for hard inquiries, which occur when you apply for new credit. Unrecognized inquiries could indicate identity theft.
• Accounts: Review your open credit accounts, including credit cards, loans, and lines of credit, to ensure all details are correct. Discrepancies may arise due to the timing of updates from creditors.
• Closed Accounts: Closed accounts can remain on your report for up to 10 years if they were in good standing. Delinquent accounts are removed seven years after the first late payment.
• Collections: Accounts sold to collection agencies appear as separate entries and are removed seven years after the initial delinquency.
• Public Records: This section may include bankruptcy filings, which can stay on your report for up to 10 years for Chapter 7 or seven years for Chapter 13.

Look for any inaccuracies or outdated information that could negatively impact your credit score or indicate fraud.

How to Dispute Credit Report Information

If you find inaccuracies, you can dispute them with the credit bureaus or the data furnishers (e.g., credit card issuers, lenders). Disputing directly with the data furnisher can be more efficient, as they can update all bureaus they report to. Otherwise, you may need to file disputes with each bureau separately.

To dispute information in your Experian credit report, follow these steps:

1. Visit the Dispute Center to start a new dispute.
2. Select the reason for your dispute.
3. Review your request and submit it.
4. Upload relevant documents to support your claim.

Experian will contact the data furnisher to verify the disputed information. The process typically takes up to 30 days, and you will receive updates throughout. Depending on the investigation results, the information may be corrected, updated, deleted, or confirmed as accurate.

Monitor Your Credit Reports for Accuracy

Regularly reviewing your credit reports is essential, but setting up credit monitoring can help you spot issues more easily. Experian’s free credit report monitoring service can alert you to significant changes and allow you to submit and track disputes from your account.

For any mortgage-related inquiries, don’t hesitate to contact O1ne Mortgage at 213-732-3074. We’re here to help you navigate your financial journey with confidence.

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