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Recently, credit-reporting agency Equifax sent inaccurate scores to lenders for three months before it fixed the error. If you’re planning to apply for a loan or just want to start monitoring things, here are three tips that experts suggest.
Set up alerts
Keep an eye on the three main credit-reporting agencies: TransUnion, Experian and Equifax. That way, if there’s a change in your credit score, you know immediately.
If something gets flagged, pull your credit report and see what’s happening. If you notice a credit card you didn’t take out or something that indicates spending that doesn’t seem like yours, it could indicate something is going on.
To be vigilant, keep an eye on your credit score and alerts, pull and review your reports regularly, and monitor for unauthorized accounts.
Scrutinize your credit score
If your score has changed in any way, find out why. By doing this quickly upon notification, you can work to avoid bad actors and incorrect entries.
Think there’s an error?
You should challenge your score with a dispute claim through the companies directly. If you go to their websites, you can file through there.
Sources
The Wall Street Journal: Daily Feature: Protecting Your Credit Score
TIME: How to Protect Your Identity and Credit
Forbes: 5 Ways To Protect Your Credit In 2022
This story was originally published October 27, 2022 10:44 AM.
The Sum breaks down complex economic issues and how they impact your life in just a few minutes a day. Follow @thesum.news on Instagram for the full story.
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