I got my credit report yesterday. What should I check in that? Is there any points to be noted?
The first thing you need to do is read the whole report. Check for the outstanding amount on your Credit Cards and loans. You might have cleared the amount, but it may not reflect in your credit report. This needs to be corrected as soon as possible since it can lower your Credit Score. When you spot an error in your personal data, address, outstanding balance etc., immediately report it to the credit reporting bureau (CIBIL, Equifax, Experian, HighMark). Also, contact the creditor/bank/lender who reported the wrong information. You can raise a dispute with a credit bureau for correction.
Identity theft is quite prevalent these days. One way to keep yourself safe from ID theft is by changing your net banking passwords and Credit Card PINs regularly. You can check for fraudulent activities in your report by looking at the enquiries section.
For instance, if there is a loan application reported in your CIBIL report not initiated by you, then you can be sure that it is a case of identity theft. What you need to look for while checking for possible frauds are:
Loan accounts that were not initiated by you
Credit inquiries that you did not make
Late payments or defaults that you did not make
Wrong address and other identifying information
Wrong phone number
When you suspect a case of identity theft, report it to the credit bureau that issued the report and notify the bank immediately.
A majority of the information in your CIBIL report is your account information. You need to
Review your accounts – check your loans and Credit Card accounts.
Cross check your credit limit, current balance and payment history.
Make a note of the accounts that are inactive and were closed.
Make a note of the late payments and their negative remarks.
Check for active loans and Credit Cards.
Organise paperwork relating to your accounts and keep the details in order so you can track them easily.
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