YFSCREDIT.COM – Day 5: Audit Your Credit Reports

Welcome back Wealth Builders! We are now going to do a deep dive of our credit reports and prepare for our fight for credit supremacy.

I’m going to show you how to do your very own credit audit and set yourself up for success.  That sounds like some gladiator type stuff, but you already did the hard parts.

The hardest part was figuring out your goals and looking at your credit. Everything else going to be easy as long as we execute.

For this lesson, you will need a  highlighter , red pen, and a blue or black pen. If you do not have those things it’s ok, just come up with a system for what I’m about to show you.

Take out your credit reports. I prefer to print mine for this exercise, but I do like trees as well so you can save your credit reports as a PDF on your computer and use your favorite PDF software as well.

With the credit report and highlighter in hand, let’s review the Equifax credit report.

Just a heads up.. we are going to do the same thing for Experian and TransUnion, so what we do with Equifax we must do to the other reports as well.

The 1st and most important check is your personal information.

If your name is spelled wrong, any addresses that you haven’t lived at in the last two years, if your job is wrong,  we need to highlight it for correction and put a red check mark next to it.

Oh.. I forget to tell you about the pens!

We will use a red pen check mark to signify “they” are inaccurate in their reporting and a blue check mark to signify that “you” caused the negative item.

The  highlighter  is to signify a cause for concern, which matters a lot tomorrow.

For your information, if you have more blue marks than red marks we know the cause of our issues isn’t them, but you, right?

We’ll address how to fix “your” issues as well, but keep in mind that sometimes you do earn your bad credit.

Then let’s move on to the account summary.

Since the summary is a roll-up of the individual account there isn’t much to highlight here, but review it anyway and if something jumps out at you make a mental note to double check the account details for it.

For example, if you do not own a home, but the account summary is saying that you have real estate. That’s a red flag that we need to address by finding it within the report.

Let’s analyze our public records

Anything fishy here? Remember a public record is something that would be in the courts. A lot of people have no clue they were sued for something until it pops up on their credit report.

Hint, Hint! Because of public records, it’s very important that your address is updated.  

Moving on to the Account Details.

The majority of our work will be done here!

I’ve seen credit reports over 100 pages long especially when you have student loans, several properties, credit card and auto loans.

I want you to take your time! We need to make sure we review everything so when we move to fighting this stuff we have the best game plan.

When you're looking at the account details:
Is the partial account # correct?
Is the date open correct?
Is the current balance correct?
Is the type of account correct?
Is the condition correct?
Is the payment amount correct?
Is the payment history correct?
Is the last date paid correct?
You see what I did there? We are looking line by line to find if anything is out of place and if anything is wrong or negative highlight.

Then in your highlighted areas ask the question. Is this wrong or negative because of them or me?

If it’s because of them, we put a RED checkmark next to it because it’s inaccurate.

If it’s because of you, we put a BLUE checkmark next to it.

You need to do that for every account!  

Oh if you have no clue what the account is you would put that in red as well.

Did you know that The Federal Trade Commission or FTC for short conducted a study and found that one out every four people had an error on their credit report!

Let’s move on to inquiries.

Did you apply for credit on the date they specified?

Are you currently doing business with the entity who pulled your credit in some capacity?

Word of caution. If you applied for credit with someone who put an inquiry on your report  LEAVE IT ALONE!  Do not highlight it. You do not want to challenge the inquiry for an open account!

Ok by now you should have a very colorful credit report in front of you.

I want you to do an exercise of going through the report and adding up all the blue check marks and all the red check marks.

Then post the following in the Facebook group.

“I have x number of red checks and x number of blue checks.”

X, of course, is your total number of red or blue check marks.

If you have more blue than red, we know that you are blocking your blessings (causing your credit issues).

If you have more red than blue, then we know someone else is blocking your blessings (causing your credit issues).

Also, check in with your accountability partner to see how they are doing or if they need help and then go through your report two more times to make sure you highlighted and checked everything.

You are going to use your report for tomorrow’s lesson!

Did you now that most credit repair companies charge you hundreds of dollars just do what I showed you? You’re already saving money by being in this challenge 🙂 

Before you leave, can you do me a favor?

I want to make sure everyone that you know and love that needs help with their finances receives it…for free.

Here’s how you can help!

On your social media profiles (FB, Twitter, IG, etc.) create a post saying:

Today I learned how to audit my credit report! Join me for free at YFSCREDIT.com


Oh before I forget. Follow my social media pages! Just click the link below

See you tomorrow!