Every year, consumers have the right to request a credit report that details different accounts to their name and transactions related to those accounts. The report is fairly easy to read, but there is a question of what to do with the information it provides. Here are some tips to help identify the main items for concern.

Credit Score

Your credit score is like a summary of your credit worthiness based on the information obtained from a few sources. The score is calculated using results from your credit report, but the lender may also request information from you directly. When you’re borrowing from your own bank, they may draw upon the financial history you’ve already established there in order to rate your trustworthiness as a borrower.

There are multiple agencies that report credit score, and different lenders will ask different agencies to report that information. Be sure that you have reviewed your reports from the major credit bureaus.

Items for Dispute

In the world of credit, items on your report are attributed to you unless you state otherwise. Why is this a concern? Occasionally, there are debts attributed to you that you had nothing to do with. When a family member passes, and they share names with you, sometimes items from their credit history will cloud yours. These small mistakes can hurt your credit badly, so check your report constantly so you can be sure you’re building positive credit.

Phin Upham is an investor from NYC and SF. You may contact Phin on his website.