3 Signs to Spot Fraud in Your Credit Report

3 Signs to Spot Fraud in Your Credit Report

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The credit report is the general assessment of your financial strength and you should carefully examine it from time to time, to protect yourself against identity theft. When you go through the credit report and find that, it has a pile of incorrect information, then how you will come to know that it is a simple mistake or a sinister.

Three warning signs are there that you must count before becoming a victim of credit fraud is:

1: The Personal Information Is Wrong

If you find a mistake in the personal information, it could be due to the simple transposed number. It denotes that your personal information has been mixed with someone who has the same name. It also may be the sign that is someone pretending to be you, in order to get all your credit. If you find a name which is never been used, or any address at which you have never resided, can be the sign of credit fraud. Delve further into the report to find minute details of anything that seems suspicious.

2: Unable To Recognize the Inquiries from Lenders

Credit reporting agencies according to the law disclose the name of the companies’ who have obtained credit information from your report in the last two years. You do not have to worry about the promotional inquiries neither the account review. Those will be from the companies who have preapproved credit offers, or your current lenders reviewing the credits in the past. However, if you fail to recognize any of the inquiries, then do go for a detailed investigation.

3: Accounts That You Have Never Opened

This is the biggest possible error that you need to avoid in your credit report. The accounts including things in which you have co-signed or those for which you are having an authorize user, must appear on the credit report.

Accounts that do not belong to you, is the sign that your credit information is being misused or comingled with someone else’s. Sort it out immediately. You won’t be able to spot the fraud in your credit report unless you check it. You should request for the copy of your credit report once in a year from the credit report agency – Equifax, Experian and TransUnion. In some states, you may be entitled to have free copies of report, if you are unemployed, looking for work or you are a victim of credit fraud.

Experts say that, it is important to take the information from the whole; in conjunction, it must have all the indicators. Things like the unauthorized charges on a billing statement, collection notices for accounts that do not belong to you. Billing statements from the unknown lender or purchase that you did not ever made is a serious thing that you need to consider.

If you find that the information shared on your credit report is wrong, you do not immediately imagine the worse situation. However, you have to take the suspicious things on your reports seriously. As soon as you find one, contact the credit report agencies immediately. If you are able to catch the fraud then you can save both your time and money.

Author’s Bio: Charles Malcolm is a financial expert who lends advice on the credit report of his clients. He suggests them with ways to make it error free. He is working with customer service inbound where he trains the agent in dealing with problems of the customers in a particular debt consolidation campaign.

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