So you've done everything right (or mostly right) when it comes to your credit. You pay your bills on time, you don't go over your credit limit, you've even paid off all of your student loans. Yet when you apply for your first credit report, it doesn't seem to add up. Somehow your credit history has gotten confused with your cousin (who has a similar name), you see missed payments on credit cards dating to when you were a teenager, and someone has taken out a cable plan in your name three states away!
Sadly, individuals aside from you can play a factor in your credit report. There are many different ways this can happen - usually through identity theft or identification mistakes. No matter how bad the damage may seem, just relax and figure out exactly what is going on in the report.
Your credit history has been confused with someone else: This accident happens to many of us. When two people live nearby with similar names, their credit history may get intertwined with one another. This type of accident shows why it is so important to apply for a credit check regularly. Then you can dispute anything that shows up in your credit history that is not your own.
There is one often overlooked and confusing aspect of the credit report; your credit card before you were an adult. Any card that your parents gave you in your own name before you were the age of eighteen is included on the credit report. So when you went out and bought concert tickets and a plane ticket and surprised them with the bill - and they did not pay it, your report takes a beating. Thankfully it is still disputable but takes longer than someone getting mixed in with your report.
Your credit/identity has been stolen: Just like your cousin with the same name, that cable bill in another state may be a coincidence, especially if you have a common name. However, it is also possible that your identity has been stolen. In addition to disputing the charges on your credit report IMMEDIATELY, you should take some other actions.
A great way to start is to look at your bank account and your credit cards to check and see if anything has ever been taken out without your approval. Say you see something you did not buy or money you did not take out - contact the bank or card company immediately. That way you can put a stop to the withdrawals or spending and hopefully catch the person responsible.
If you feel it necessary, you can also file a report with the state you live in and with the FTC (Federal Trade Commission). This is a popular choice because it shows the credit reporting agencies that you are not just messing around with their mistakes - but you want them fixed, now.
Finally, now that you know all the ways that people can affect your credit score, be careful with your info. Privacy matters, especially when it comes to your finances. Talk to your credit card companies and banks about the best ways to keep your identity safe.
Sadly, individuals aside from you can play a factor in your credit report. There are many different ways this can happen - usually through identity theft or identification mistakes. No matter how bad the damage may seem, just relax and figure out exactly what is going on in the report.
Your credit history has been confused with someone else: This accident happens to many of us. When two people live nearby with similar names, their credit history may get intertwined with one another. This type of accident shows why it is so important to apply for a credit check regularly. Then you can dispute anything that shows up in your credit history that is not your own.
There is one often overlooked and confusing aspect of the credit report; your credit card before you were an adult. Any card that your parents gave you in your own name before you were the age of eighteen is included on the credit report. So when you went out and bought concert tickets and a plane ticket and surprised them with the bill - and they did not pay it, your report takes a beating. Thankfully it is still disputable but takes longer than someone getting mixed in with your report.
Your credit/identity has been stolen: Just like your cousin with the same name, that cable bill in another state may be a coincidence, especially if you have a common name. However, it is also possible that your identity has been stolen. In addition to disputing the charges on your credit report IMMEDIATELY, you should take some other actions.
A great way to start is to look at your bank account and your credit cards to check and see if anything has ever been taken out without your approval. Say you see something you did not buy or money you did not take out - contact the bank or card company immediately. That way you can put a stop to the withdrawals or spending and hopefully catch the person responsible.
If you feel it necessary, you can also file a report with the state you live in and with the FTC (Federal Trade Commission). This is a popular choice because it shows the credit reporting agencies that you are not just messing around with their mistakes - but you want them fixed, now.
Finally, now that you know all the ways that people can affect your credit score, be careful with your info. Privacy matters, especially when it comes to your finances. Talk to your credit card companies and banks about the best ways to keep your identity safe.
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