Credit Checkup
By Jeff Moffitt
@moffittjc (118556)
Gainesville, Florida
August 5, 2023 10:57am CST
Do you know what your credit score is? Do you have good or bad credit? Are you working to improve your credit score? Have you ever been the victim of credit fraud?
It's important to ask ourselves these questions, and more important to know the answers.
There are three major credit bureaus in the United States that monitor our credit ratings, and the information contained in those reports determines if we are a good credit risk or a bad credit risk. But these agencies aren't perfect, and mistakes happen.
That's why it's important to know what's in your credit files. And the federal government thinks so too, which is why they passed a law years ago that allow Americans to get a free credit report from each of the three bureaus once a year, with no "ding" to your credit score for making a hard inquiry.
I regularly check my credit reports. I was a victim of credit fraud and identity theft decades ago when I was in college, and back then the rules and laws made it difficult for consumers to prove their innocence. I spent years fighting the credit bureaus to clear my name and restore my credit, and since then I've watched my credit reports like a hawk. Thankfully, my credit rating has been exceptional since then.
Since there are three credit bureaus, and we can get one free report from each of them per year, I will request my free report from one bureau every four months. That way, over the course of the year, I will see my credit file from all three bureaus. I do this each year.
I received a credit report from one of the bureaus last night, and caught two errors in my report (thankfully, both were minor mistakes). I filed a request online to have the errors corrected.
If you don't already do so, I encourage each of you to check your credit reports. You can pay a credit monitoring agency to do so for you, or you can check yourselves for free at annualcreditreport.com. It's quick and simple and can make a real difference in your credit rating (if you find errors or potential fraud).
Have any of you ever been the victim of credit fraud, or found errors in your credit reports?
18 people like this
17 responses
@LadyDuck (459125)
• Switzerland
6 Aug
The system is so different here in Europe. Only a few countries have a "credit score" like the US.
In most EU countries (included Switzerland) they only track negative marks like late or missed payments, while others track total debt or debt history.We have nothing to do to have a "good rating" simply pay our bills when due.
3 people like this
@LadyDuck (459125)
• Switzerland
7 Aug
@moffittjc - I fully agree with you, because it is arbitrarily and assigned by your three credit bureaus. In most European country they simply check if you always paid your bills and debts and this is done by a Notary or a public officer, never by a private company.
1 person likes this
@moffittjc (118556)
• Gainesville, Florida
8 Aug
@LadyDuck Your system sounds a lot better than our system.
1 person likes this
@moffittjc (118556)
• Gainesville, Florida
6 Aug
I don't like our credit system here in the US, it puts too much weight on a person's credit worthiness solely based on a number. And that number is arbitrarily assigned by the three credit bureaus that I feel have way too much power. I almost feel that a private company should not have the power to do this, although I don't know if the government could do a better job.
1 person likes this
@moffittjc (118556)
• Gainesville, Florida
5 Aug
Minor mistakes probably won't affect our credit score, but if you catch something major and get it fixed it could really help your numbers slide upward.
3 people like this
@moffittjc (118556)
• Gainesville, Florida
5 Aug
@rebelann They actually had an employer listed on my report that I never worked for. Again, another easy fix, but it goes to show that they do make mistakes.
1 person likes this
@JESSY3236 (18953)
• United States
8 Aug
I don't own a credit card so I have no credit score.
2 people like this
@moffittjc (118556)
• Gainesville, Florida
9 Aug
You could possibly have a credit score you are unaware of, as you build credit just by paying any of your bills on time, regardless of whether or not you have a credit card.
1 person likes this
@porwest (78759)
• United States
30 Nov
You do actually have a credit score. It's not just credit cards who report what you do. Your utility company does it. Medical billing does it. Some landlords do it. Your mortgage company does it. Any other loans do it.
It's just harder to know what it is. But you definitely have one.
2 people like this
@moffittjc (118556)
• Gainesville, Florida
4 Dec
@porwest My daughter first established her credit score when she took out a student loan her freshman year of college, and then turned right around and paid it back during the grace period before any interest accrued. She then got a Discover card and pays the balance off every month. She bought her first car (brand new) when she was 19. Took out a loan for it, then when the first payment came due she paid off the entire car. Her credit score is something like 805 or right in that area.
2 people like this
@lovebuglena (43081)
• Staten Island, New York
6 Aug
I have no idea what my credit score is. But I would think it's not bad as I pay my credit card every month in full and on time. And I have no debt.
1 person likes this
@moffittjc (118556)
• Gainesville, Florida
6 Aug
This sounds completely contrary to the way it should be, but having no debt can also be a bad thing when it comes to credit scores. Because credit scores are based on one's ability to pay back debt on time and manage debt wisely. No debt equals no credit (to some extent). But in your case, you are probably okay, because you do have a credit card and you do pay the balance off. So that works in your favor.
@moffittjc (118556)
• Gainesville, Florida
8 Aug
@lovebuglena Not all debt is bad. Yes, crest card debt is bad, but a mortgage would be considered good debt.
1 person likes this
@lovebuglena (43081)
• Staten Island, New York
6 Aug
@moffittjc I don’t want to be in debt lol. You don’t pay off credit cards in full every month you throw money away in interest charges. Which is what hubby does.
1 person likes this
@moffittjc (118556)
• Gainesville, Florida
6 Aug
@RubyHawk So much of our life depends on it these days.
1 person likes this
@moffittjc (118556)
• Gainesville, Florida
5 Aug
Great job Ruby! It’s nice to see so many myLotters with great credit scores!
1 person likes this
@RubyHawk (99423)
• Atlanta, Georgia
6 Aug
@moffittjc We gotta keep an eye on those credit scores.
1 person likes this
@Fa_Maverick (9458)
• Australia
7 Aug
No idea about credit... My HECS is certainly weighing me down though.
I gotta chase up my certificate thing so I can do taxes too actually.
1 person likes this
@moffittjc (118556)
• Gainesville, Florida
7 Aug
Great hearing from you Fae! I was just thinking about you the other day. I hope you’re doing well.
1 person likes this
@moffittjc (118556)
• Gainesville, Florida
8 Aug
@Fa_Maverick I can relate. I work at a desk as well.
1 person likes this
@Fa_Maverick (9458)
• Australia
7 Aug
@moffittjc not too bad. Working at a desk is making me feel like Im falling apart uff everything aches.
1 person likes this
@snowy22315 (170469)
• United States
5 Aug
I have great credit and I hope it stays that way.
1 person likes this
@moffittjc (118556)
• Gainesville, Florida
6 Aug
I am so glad to hear that. I also hope your credit stays great!
@moffittjc (118556)
• Gainesville, Florida
6 Aug
Me too, which is why I think it's important to review the credit reports on a periodic basis. If nothing else, it can give you peace of mind; best case scenario is you catch the mistakes or instances of fraud quickly and then work with the bureaus (and possibly law enforcement agencies) to fix it right away.
1 person likes this
@TheHorse (206469)
• Walnut Creek, California
10 Aug
I haven't checked mine recently. It was something like 800 a few years ago. But I've had to battle with CenturyLink recently, the phone carrier for my cabin in Montana. I pay them only what I owe them, not what they charge. Their system is broken, but they're virtually a monopoly up there in the Great White North, and can do what they want. They have been overcharging me for years, and it appears there's nothing I can do about it. I even went through the Better Business Bureau. Same old same old.
1 person likes this
@moffittjc (118556)
• Gainesville, Florida
10 Aug
I wonder how much it would ding your credit score if they were to report you to the bureaus?
1 person likes this
@moffittjc (118556)
• Gainesville, Florida
12 Aug
@TheHorse They have a chimpanzee sitting in a room throwing darts at a dartboard. Whatever number it hits is the credit score you are assigned.
1 person likes this
@TheHorse (206469)
• Walnut Creek, California
10 Aug
@moffittjc I don't know how that stuff works. I always pay my bills.
1 person likes this
@moffittjc (118556)
• Gainesville, Florida
8 Aug
If you think about it, unless you are buying a house, a new car, or taking out a personal loan, having average credit isn’t a bad thing. So in your case, you’re probably doing just fine with the credit you rating you have.
1 person likes this
@just4him (307136)
• Green Bay, Wisconsin
9 Aug
@moffittjc I just tried looking at it on the app I used to have, but they changed everything, so it isn't free anymore. So, I don't know what it is.
1 person likes this
@moffittjc (118556)
• Gainesville, Florida
9 Aug
For clarification, it’s not your score you need to. Heck on (the credit bureaus will never tell you your official number), it’s your credit history you are checking on. Your credit report will show all addresses you have lived at, employers you have worked for, and the status of any outstanding credit you currently have.
1 person likes this
@LindaOHio (157150)
• United States
6 Aug
We have excellent credit; but I noticed lately that one credit score was substantially lower than the other two. I tried to get a credit report; but they wanted me to pay. Still have to get that sorted out. We had our identity stolen once. Someone took out a loan using our account. That's since been corrected. Enjoy the rest of your weekend.
1 person likes this
@moffittjc (118556)
• Gainesville, Florida
6 Aug
You should be able to get a copy of your credit report for free from the one bureau that gave you a lower score. Just go to annualcreditreport.com. But be aware that they do not provide your credit score when you get your free copy of your credit report; they just give you a copy of what's in your credit file so you can review it for mistakes.
It is also worth noting that the three major credit bureaus use different algorithms and formulas to determine the numerical score, and that their number system is different for each of them. There are two "systems" that are available, the VantageScore 3.0 and FICO 8. So depending on which system the credit bureau uses, the score may show differently. You may have a credit score of 650 with one agency, 640 with another, and then 680 with the third. It all just depends on what system they are using and what algorithm they are using to determine your score. None are considered better than the others, and most times lenders will either look at your scores at all three and then average them, or use the highest score you have out of the three.
1 person likes this
@moffittjc (118556)
• Gainesville, Florida
7 Aug
@LindaOHio Wow, what a high number! My best was 800, but I’m between 760-780 now depending on which score you look at.
1 person likes this
@LindaOHio (157150)
• United States
7 Aug
@moffittjc Thanks. We've had credit scores as high as 806; but the one score was suspiciously a LOT lower. I want to see that credit report for sure. Have a good day.
1 person likes this
@porwest (78759)
• United States
25 Nov
Credit for me has always been a love/hate relationship. I DO have a good credit score, but the way I USE credit can be damning in that I use it mostly for leverage. And so, the way I use credit affects my score sometimes more negatively than I'd prefer, which to me is backwards, but the way it works. I rarely use credit to buy things. I use it to buy assets.
1 person likes this
@moffittjc (118556)
• Gainesville, Florida
29 Nov
I use credit to buy every. And then promptly pay the balance. I earn sh*t tons of reward points and cash back. Free money for me!
1 person likes this
@moffittjc (118556)
• Gainesville, Florida
3 Dec
@porwest That’s smart to invest your rewards. I should do the same thing with mine.
1 person likes this
@porwest (78759)
• United States
30 Nov
@moffittjc Me too mostly. I use Discover. I have been very happy with it. And on top of that, I simply invest my rewards and so they pay me forever in the form of dividends. It's win, win.
1 person likes this
@florelway (23160)
• Cagayan De Oro, Philippines
6 Aug
I have no idea what my credit score is but I always receive offers from credit card companies for pre approved credit cards.
1 person likes this
@moffittjc (118556)
• Gainesville, Florida
6 Aug
Oh yes, I get those all the time too. The credit card companies will flood people with offers to obtain new credit cards. We have to be careful, because this too can affect our credit rating (having too many credit cards is not a good thing).
1 person likes this
@moffittjc (118556)
• Gainesville, Florida
8 Aug
@florelway Me neither. I already have all the credit cards I want and need.
1 person likes this
@florelway (23160)
• Cagayan De Oro, Philippines
6 Aug
@moffittjc That's true that's why I don't entertain it.
1 person likes this
@AmbiePam (85680)
• United States
5 Aug
I found an error in my credit report once. My name was on a credit card that a family member had taken out, and then not paid. I have no idea how that happened, but it was easy to report, and they ended up removing it. My credit is very good.
1 person likes this
@moffittjc (118556)
• Gainesville, Florida
5 Aug
Good job Amber! That could have affected you negatively if you had not caught it.
1 person likes this
@FourWalls (62443)
• United States
5 Aug
Thankfully, no. I get a “soft” credit score with my credit card bill every month, but since my rating’s so high I won’t worry if it’s five points off or something.
I didn’t know you can write to the credit bureaus and freeze your credit. It’s difficult to do, and maybe it should be easier to do (the way you can freeze your credit cards), but it’s nice to know that you can stop any more accounts from being opened in your name.
1 person likes this
@moffittjc (118556)
• Gainesville, Florida
5 Aug
That's awesome that you keep up with your credit. My credit cards offer the same thing, so in essence I am keeping an eye on my credit files on a monthly basis. But it's still nice to see what's actually in my credit reports in case there is any wrong information.
Several years ago a major retailer I shop at regularly had a security breach in which millions of customer's data was stolen. The retailer offered free credit monitoring services as part of the settlement in the lawsuit over the data breach, so I also have that going for me as well.
1 person likes this
@Tampa_girl7 (49130)
• United States
5 Aug
We have been fortunate and never been a victim of fraud.
1 person likes this
@moffittjc (118556)
• Gainesville, Florida
5 Aug
Consider yourself blessed. But I hope you are still monitoring your credit reports to make sure it doesn't happen to you in the future. The faster you can catch fraud (or mistakes in your report), the easier it will be to correct.
