How to Review Your Credit Report and Fix Errors
Your credit report is more than a collection of numbers—it’s a detailed snapshot of your financial reputation. Here in Southern Maine, your credit history can influence everything from qualifying for a home loan in York County to securing affordable auto financing for Maine’s long winters or even passing a rental screening in communities like Saco, Biddeford, Sanford, or South Portland.
Lenders, landlords, insurance companies, and sometimes employers rely on your credit report to decide whether to work with you and under what terms. When your credit report is accurate and healthy, it can unlock lower interest rates, better loan approvals, and long-term savings. But when errors or outdated information appear, they can quietly drag down your credit score and cost you money.
The good news? You can review your credit report regularly—and if you’re a Town & Country FCU member, you can even uncover errors and start fixing them right inside your online or mobile banking.
Why Credit Report Accuracy Matters More Than You Think
Even small mistakes on a credit report can have big consequences. A single incorrect late payment or an account that doesn’t belong to you can lower your score and make borrowing more expensive. In Southern Maine’s competitive housing and lending market, that difference could mean paying thousands more over the life of a loan—or losing out on an opportunity entirely.
Because credit reports are compiled by multiple companies and updated by lenders, errors are more common than most people realize. That’s why reviewing your credit report isn’t just a good idea—it’s an essential part of protecting your financial health.
Get Your Free Credit Reports
Every consumer is entitled to one free credit report each year from the three major credit bureaus: Experian, Equifax, and TransUnion. You can access them at AnnualCreditReport.com, the only site authorized by the federal government.
Instead of pulling all three reports at once, many financial experts recommend staggering them throughout the year. For example, you could review one bureau every four months. This allows you to keep an eye on changes without paying for credit monitoring services.
For Southern Maine residents planning a major purchase—like a home, vehicle, or personal loan—checking your credit well in advance can help you spot issues early and avoid surprises.
Verify Your Personal Information First
When reviewing your credit report, start with your personal details. Errors here can signal identity theft or reporting mistakes that may affect the rest of your file.
Check that your:
- Full name is spelled correctly (including middle initials or suffixes)
- Social Security number matches yours
- Current and previous addresses are accurate
- Employer information is correct and up to date
If you see unfamiliar names, addresses, or employers, take it seriously. These discrepancies may indicate that someone else’s information has been mixed into your report.
Review All Credit Accounts Carefully
Next, examine each listed account, including:
- Credit cards
- Auto loans
- Mortgages
- Student loans
- Personal or installment loans
For each account, confirm:
- You recognize the lender
- The balance and credit limit are correct
- The payment history is accurate
- The account status (open or closed) is correct
If you find an account you don’t recognize, it could be a sign of fraud—or simply a reporting error that needs to be addressed quickly.
Pay Special Attention to Collections and Negative Items
Collection accounts can significantly impact your credit score and stay on your report for years. If you see a collection account:
- Confirm that the debt is actually yours
- Verify the balance and payment status
- Check the date of first delinquency
If you don’t recognize the collection, contact the collection agency and request debt validation. Under the Fair Debt Collection Practices Act (FDCPA), you have the right to request written verification of the debt.
Even legitimate collections can sometimes be reported incorrectly, so accuracy matters.
Dispute Credit Errors the Right Way
If you find errors—such as incorrect late payments, outdated balances, or accounts that aren’t yours—you have the right to dispute them.
You can file disputes directly with the credit bureau reporting the error, usually online or by mail. The bureau is generally required to investigate within 30 days and notify you of the results.
Fix Credit Errors Faster with Town & Country FCU
If you have an account with Town & Country Federal Credit Union, reviewing and addressing credit issues is even easier.
Through Town & Country FCU’s online and mobile banking, members can access Credit Score by SavvyMoney, a free credit monitoring tool. This service allows you to:
- View your credit score and full credit report
- Identify potential errors or negative items
- See what’s impacting your score
- Get guidance on how to dispute inaccuracies
- Track changes to your credit over time
Instead of waiting for annual reports or navigating multiple websites, you can uncover credit issues and start fixing them right from your phone or computer—making credit management simple and convenient for busy Southern Maine families.
Follow Up and Monitor Regularly
After filing a dispute, don’t assume the issue is resolved automatically. Review your updated credit report to confirm corrections were made. If an error persists, you can submit additional documentation or escalate your complaint to the Consumer Financial Protection Bureau (CFPB).
Ongoing monitoring is especially important if:
- You’re preparing to buy a home or car
- You’re rebuilding credit
- You’ve experienced identity theft or a data breach
Credit Report Review Checklist
Use this checklist to stay on track:
- Request reports from Experian, Equifax, and TransUnion
- Verify personal details for accuracy
- Review all accounts and balances
- Watch for unfamiliar or fraudulent accounts
- Examine collections carefully
- Dispute errors promptly
- Follow up within 30 days
- Monitor year-round using Town & Country FCU online or mobile banking
Take Control of Your Credit Today
Ultimately, you are your best line of defense when it comes to credit accuracy. By reviewing your credit report regularly, confirming your information, and addressing mistakes quickly, you can protect your financial future and position yourself for better opportunities here in Southern Maine.
If you’re a Town & Country Federal Credit Union member, you already have powerful tools at your fingertips. With free credit monitoring through online and mobile banking, uncovering and fixing credit errors has never been easier.
Your credit tells a story—make sure it’s the right one.
