Your credit report plays a big role in your financial life. It can affect your ability to get a loan, buy a car, purchase a home, or even get a job.
That’s why reviewing your credit report regularly is so important. As your member-owned community credit union, Friends and Family Credit Union exists to help you make smart financial choices and protect your future.
If you live in Stark County, Ohio, including Massillon, Canton, and surrounding communities, understanding your credit report is one of the best ways to stay financially strong.
How Often Should You Check Your Credit Report?
Experts recommend checking your credit report at least once a year. This helps you make sure your information is correct and up to date. Errors on your credit report could keep you from getting approved for credit or could cause you to pay higher interest rates.
Good news: You can check your credit reports for free. Since the COVID-19 pandemic, consumers have been able to review their credit reports online once a week from the three nationwide credit reporting companies:
Equifax
Experian
TransUnion
Checking your own credit report does not hurt your credit score. In fact, checking it often can help you catch problems early.
When Else Should You Check Your Credit Report?
Besides checking once a year, you should also review your credit report:
Before buying a home or car
Before applying for a loan or credit card
Before applying for a new job (some employers review credit history)
To watch for identity theft or fraud
Identity theft happens when someone uses your personal information without permission. This can damage your credit and block your ability to borrow money. Checking your report helps you catch these problems quickly.
How to Get Your Free Credit Report
You can request your free credit reports in three simple ways:
Online:
Visit AnnualCreditReport.com
By Phone:
Call 877-322-8228
By Mail:
Download and complete the Annual Credit Report Request Form and mail it to:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
You can request all three reports at once or spread them out during the year. Many people order one report every four months to monitor their credit year-round.
By law, credit reporting companies cannot charge more than $14.50 for additional reports if you request more than your free copies.
What Should You Look For?
When reviewing your credit report, check for:
Accounts or loans you did not open
Misspelled names or incorrect personal information
Accounts that should show as paid or settled
Collection accounts that should be removed or updated
If you find an error, you should dispute it right away. You can file a dispute with both the credit reporting company and the business that reported the incorrect information.
What About Specialty Credit Reports?
In addition to your main credit report, specialty reporting companies may collect information about your:
Rental or housing history
Check writing history
Employment history
Insurance claims
Most of these companies provide a free report once every 12 months, but you must request them individually.
When Can You Get Additional Free Credit Reports?
You may qualify for extra free reports if:
You were denied credit, insurance, or employment based on your credit
You believe you are a victim of fraud or identity theft
You are unemployed and plan to apply for a job soon
You receive public assistance
State law allows additional free reports
Tips to Build and Maintain Strong Credit
There is no secret trick to building good credit, but these simple steps can help:
Pay your bills on time
Payment history is the most important factor in your credit score. Setting up automatic payments or reminders can help.
Keep credit card balances low
Experts recommend using less than 30% of your available credit limit.
Build a long credit history
Keeping older accounts open can help show lenders that you manage credit well.
Only apply for credit when you need it
Applying for too much credit at once can lower your score.
Watch unused accounts
Identity thieves sometimes target accounts that are rarely used.
Tools to Help Protect Your Credit
Friends and Family Credit Union offers products designed to help protect and monitor your credit. Our Family Secure Checking account includes 3-in-1 credit file monitoring and IDProtect® identity theft monitoring and resolution for your family.
We’re Here to Help Stark County Members
At Friends and Family Credit Union, we proudly serve members throughout Stark County, Ohio, including Massillon, Canton, and nearby communities. As your member-owned community credit union, we exist to help you understand your credit, protect your identity, and reach your financial goals.
If you have questions about your credit report or want help improving your credit, we are here for you. Call us or stop by one of our Stark County branches to speak with a friendly team member today.