How do I do a credit check on myself?

Posted on: 01 Aug 2024
Understanding your credit health is crucial for various financial decisions, from applying for loans and mortgages to securing favorable interest rates and even renting an apartment. A credit check on yourself allows you to see your credit report and credit score, identify any errors or fraudulent activity, and take steps to improve your creditworthiness. This comprehensive guide will walk you through the process of checking your credit, understanding what you're looking at, and what to do with the information you find.

Why Check Your Credit?

There are several compelling reasons to regularly check your credit report and credit score:
- Identify Errors: Credit reports can contain inaccuracies that can negatively impact your credit score. Checking your report allows you to identify and dispute these errors.
- Detect Identity Theft: Monitoring your credit report can help you detect fraudulent activity, such as unauthorized accounts opened in your name.
- Improve Your Credit Score: Understanding what factors are affecting your credit score allows you to take steps to improve it.
- Prepare for Major Purchases: Checking your credit before applying for a loan (e.g., mortgage, auto loan) can help you understand your chances of approval and negotiate better interest rates.
- Negotiate Lower Interest Rates: A good credit score can allow you to negotiate lower interest rates on existing credit cards or loans.
- Peace of Mind: Knowing your credit standing provides financial peace of mind.
Understanding Your Credit Report and Credit Score

Before diving into the "how-to," it's important to understand the key components of your credit health: your credit report and your credit score.

What is a Credit Report?

A credit report is a detailed record of your credit history. It includes information such as:
- Personal Information: Your name, address, Social Security number (SSN), and date of birth.
- Credit Accounts: A list of your credit cards, loans, and other lines of credit, including account numbers, credit limits, balances, and payment history.
- Public Records: Information from public records, such as bankruptcies, foreclosures, and tax liens.
- Collection Accounts: Information about debts that have been sent to collection agencies.
- Inquiries: A list of companies that have accessed your credit report. There are two types of inquiries:
What is a Credit Score?

A credit score is a three-digit number that represents your creditworthiness. It's based on the information in your credit report and is used by lenders to assess the risk of lending you money. The most common credit scoring models are:
- FICO Score: Developed by Fair Isaac Corporation, the FICO score is widely used by lenders. FICO scores typically range from 300 to 850.
- VantageScore: Developed by Experian, Equifax, and TransUnion, VantageScore is another popular credit scoring model. VantageScore scores also range from 300 to 850.
Factors that Affect Your Credit Score

Several factors influence your credit score, including:
- Payment History (35%): Paying your bills on time is the most important factor.
- Amounts Owed (30%): The amount of debt you owe relative to your credit limits (credit utilization).
- Length of Credit History (15%): The longer your credit history, the better.
- New Credit (10%): Opening too many new accounts in a short period of time can lower your score.
- Credit Mix (10%): Having a mix of different types of credit accounts (e.g., credit cards, installment loans) can improve your score.
How to Check Your Credit Report for Free

You are entitled to a free credit report from each of the three major credit bureaus – Experian, Equifax, and TransUnion – once every 12 months. Here's how to obtain your free credit reports:

1. AnnualCreditReport.com

The easiest and most secure way to get your free credit reports is through AnnualCreditReport.com. This website is authorized by the three major credit bureaus.
1. Go to AnnualCreditReport.com.
2. Click on "Request your free credit reports."
3. You can request reports from all three bureaus at once or stagger them throughout the year. Staggering your requests allows you to monitor your credit more frequently.
4. Provide your personal information (name, address, SSN, date of birth).
5. Answer the authentication questions to verify your identity.
6. Download and review your credit reports carefully.
2. Contacting the Credit Bureaus Directly

You can also obtain your free credit report by contacting each credit bureau directly:
- Experian:
  - Website: www.experian.com
  - Phone: 1-888-397-3742
  - Mail: Experian, P.O. Box 4500, Allen, TX 75013
- Equifax:
  - Website: www.equifax.com
  - Phone: 1-866-349-5191
  - Mail: Equifax Information Services LLC, P.O. Box 740256, Atlanta, GA 30374
- TransUnion:
  - Website: www.transunion.com
  - Phone: 1-800-916-8800
  - Mail: TransUnion LLC, P.O. Box 2000, Chester, PA 19016
When contacting the credit bureaus directly, you'll need to provide your personal information and answer authentication questions to verify your identity.

3. Free Credit Report Under Specific Circumstances

In addition to the annual free credit reports, you may be entitled to a free credit report under the following circumstances:
- You've been denied credit, insurance, or employment based on your credit report. You must request the report within 60 days of receiving the denial notice.
- You're unemployed and intend to apply for employment within 60 days.
- You're receiving public assistance.
- You believe your credit report contains inaccuracies due to fraud or identity theft.
How to Check Your Credit Score

While you can get your credit reports for free, obtaining your credit score typically involves a fee. However, there are several ways to access your credit score for free or at a discounted rate.

1. Credit Card Companies

Many credit card companies offer free access to your credit score as a benefit of being a cardholder. Check your credit card statement or online account to see if this service is available.

2. Credit Monitoring Services

Some credit monitoring services offer a free trial period or a limited free version that includes access to your credit score. Be sure to read the terms and conditions carefully before signing up to avoid unwanted charges.

3. Free Credit Score Websites

Several websites offer free credit scores, often with the caveat that you must sign up for a credit monitoring service or receive targeted offers. Examples include:
These websites typically provide a VantageScore, which may differ slightly from your FICO score. However, it can still give you a good indication of your creditworthiness.

4. MyFICO

If you want to access your FICO score directly, you can purchase it from MyFICO. They offer various subscription plans that provide access to your credit reports and FICO scores from all three major credit bureaus.

What to Do After Checking Your Credit

Once you've obtained your credit report and credit score, it's essential to review the information carefully and take appropriate action.

1. Review Your Credit Report for Errors

Go through your credit report line by line and look for any inaccuracies, such as:
- Incorrect personal information (name, address, SSN)
- Accounts you don't recognize
- Incorrect account balances or credit limits
- Late payments that you believe are incorrect
- Accounts listed multiple times
- Fraudulent activity (e.g., accounts opened in your name without your permission)
2. Dispute Errors with the Credit Bureaus

If you find any errors, dispute them with the credit bureaus immediately. You can typically dispute errors online, by mail, or by phone. Be sure to provide supporting documentation to support your claim.
- Online: Most credit bureaus have online dispute forms on their websites.
- Mail: Send a written dispute letter to the credit bureau, including your name, address, SSN, a copy of your credit report highlighting the error, and a clear explanation of why you believe the information is inaccurate.
- Phone: While you can dispute errors by phone, it's best to submit your dispute in writing to create a paper trail.
The credit bureau has 30 days to investigate your dispute and respond to you. If the information is found to be inaccurate, they will correct it on your credit report.

3. Address Negative Items

If your credit report contains negative items, such as late payments or collection accounts, take steps to address them:
- Pay Off Past Due Accounts: Bring any past due accounts current as soon as possible.
- Negotiate with Creditors: If you're struggling to pay your debts, contact your creditors to negotiate a payment plan or settlement.
- Debt Management Plan: Consider enrolling in a debt management plan with a reputable credit counseling agency.
- Be Patient: Negative items can remain on your credit report for up to seven years (10 years for bankruptcies). However, their impact on your credit score will diminish over time.
4. Improve Your Credit Score

To improve your credit score, focus on the following:
- Pay Your Bills On Time: Make all your payments on time, every time.
- Keep Your Credit Utilization Low: Aim to keep your credit card balances below 30% of your credit limits. Ideally, keep it below 10%.
- Don't Open Too Many New Accounts: Avoid opening multiple new credit accounts in a short period of time.
- Monitor Your Credit Regularly: Continue to check your credit report and credit score regularly to identify and address any issues promptly.
Protecting Your Credit

Protecting your credit is an ongoing process. Here are some tips to help you safeguard your credit health:
- Monitor Your Credit Regularly: As mentioned earlier, regularly checking your credit report and credit score can help you detect fraudulent activity and identify errors.
- Set Up Fraud Alerts: Consider placing a fraud alert on your credit report. This requires creditors to take extra steps to verify your identity before opening new accounts in your name.
- Freeze Your Credit: A credit freeze restricts access to your credit report, making it more difficult for identity thieves to open new accounts in your name. You can freeze and unfreeze your credit report for free.
- Be Careful with Your Personal Information: Protect your Social Security number, credit card numbers, and other personal information. Be wary of phishing scams and other attempts to steal your identity.
- Shred Important Documents: Shred documents containing sensitive information before discarding them.