3 Tips to Spot Fraud on Credit Reports

While there are instances when you might find a simple mistake on your credit report, there are others when it might just turn out to be fraud.

So, how does one tell the difference between the two?

Here are 3 tips to spot fraud on credit reports:

#1:Wrong Personal Information

Whether it’s a transposed number or sharing information with someone who shares your name, this could mean that someone is using your information to get credit, and you can tell especially if you look into the details of the report for any suspicious information.

#2: Finding Unopened Accounts that are Listed

This error is the type which indicates that something is really wrong with your credit report. If you didn’t know this already, only accounts that you’ve opened as well as those you’ve cosigned for should appear on your list. If you find someone else’s account, it could mean that your credit mixed with another’s or could indicate that your credit information has been compromised. This is why it is so important to consistently check your credit every six months so as to detect fraud early.

#3:You Cannot Recognize Inquiries from Certain Lenders

While promotional inquiries or account review inquiries are normal on any credit report, you should contact the credit bureau if you find inquiries from lenders that you haven’t contacted in the past few months.

What you must keep in mind though is that sometimes the place that the financing is usually conducted bears a different name than the place that you’ve applied for credit from. So, double-check that before you think that this is an instance of fraud.