Don't let false information haunt your credit report: Why regular credit checks are essential

Credit plays a foundational role in your financial health. It’s a roadmap of your borrowing history, and lenders, landlords and even some employers use it to evaluate your eligibility for loans, housing or job opportunities.

Why you should regularly monitor your credit report

When you review your credit report, you gain a full view of what lenders see when they pull your credit. Your credit score is derived from the information on your report, which includes:

• Personal Information: Name, address, date of birth, Social Security number and phone numbers.
• Credit account types: Mortgages, Credit Cards, Auto Loans and more.
• Payment history
• All current and past credit accounts
• Your credit limit and loan amounts
• All credit inquiries
• Public records and collections: Bankruptcies, collections, foreclosures, repossessions, civil judgments and liens.

Regularly reviewing this information helps you catch inaccuracies early, detect signs of identity fraud and ensure proper reporting across all fronts. Inaccurate reporting, such as outdated balances or late payments, can negatively impact your score. This, in turn, affects your ability to borrow and secure favorable loan terms, like lower interest rates.

Identity theft can also harm your credit score when someone uses your information to run up charges on credit cards or open utility accounts in your name, causing past-due accounts and delinquencies to appear on your report. If you suspect fraudulent activity, report it immediately to IdentityTheft.gov. They’ll help you develop a recovery plan and take the next steps.

By staying informed and proactive, you can protect yourself from fraud, ensure your report is accurate and maintain a healthy credit score to achieve your financial goals.

How to review your report

To review your report, you can use our Savvy Money tool through Digital Banking*. With Savvy Money, you can access your credit score, full credit report, credit monitoring and financial tips and education—all in one place, without impacting your credit score. Savvy Money also keeps you informed with alerts for important changes to your credit report, such as a new account opening, a delinquency or a new credit inquiry. With real-time awareness, you are better equipped to protect your financial well-being from potential fraud or reporting errors.