Routinely checking and monitoring your credit report will not only help you understand your current credit position but can also help you take early action against signs of potential fraud and identity theft. This can help save you the inconvenience of dealing with bigger issues weeks, months or even years after they occur.
The first thing you should look for when reviewing your credit report are changes to your personal information. Some common examples are multiple birth dates, wrong social security number, inaccurate employment information and incorrect names addresses and phone numbers.
Other common errors you want to look for are centered around the actual credit accounts. Examples are unrecognized accounts, incorrect status of accounts such as a closed account marked as open, incorrect payment history such as a current account marked past due, inaccurate account holder status such as being listed as an authorized user when really a primary account holder.
Other things to look for are incorrect credit limits, wrong balances, unrecognized inquiries such as company that pulled your credit without your authorization or knowledge, and any bankruptcy, lien, foreclosure and judgements that you were not involved in.
Visit https://www.annualcreditreport.com/index.action to get your free credit report.
If you find an error, you can send the related bureau a letter or dispute it online. They generally have up to 35 days to investigate and respond. If you find an error related to fraud, you may want to investigate the options of freezing your credit or placing a fraud alert with the bureaus. We also suggest you document the scam with your State Attorney General and the FTC. Of course, feel free to contact your advisor at Gryphon who can help you through the process.
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Gryphon Financial Partners shall not in any way be liable for claims and make no expressed or implied representations or warranties as to their accuracy or completeness or for statements or errors contained in or omissions from them. This was created for informational purposes only. Gryphon Financial Partners, LLC is an Investment Adviser.