What should you do prior to a A Credit Report Advertiser disclosure You're our first priority. Each every time. We believe that every person should be able to make sound financial decisions without hesitation. While our website doesn't feature every company or financial product that is available on the market however, we're confident of the advice we provide, the information we provide and the tools we create are objective, independent simple, and cost-free. So how do we earn money? Our partners compensate us. This could influence which products we write about (and where they are featured on our website), but it doesn't affect our advice or suggestions that are based on thousands of hours of study. Our partners are not able to promise us favorable ratings of their goods or services. . What you should do prior to Conducting a Credit Check Review your credit first, and then take action to keep it in top shape. Written by Lauren Schwahn Lead Writer | Personal finance and credit, and debt Lauren Schwahn is a writer at NerdWallet who writes about debt, budgeting and money-saving strategies. She is a contributor to the "Millennial Money" column of The Associated Press. The work she has contributed to was featured in USA Today, MarketWatch and many more. Lauren has a bachelor's degree in the field of history at the University of California, Santa Cruz. She's based within San Francisco. Aug 15 2022. Written by Sheri Gordon Assistant Assigning Editor Credit scoring, earning and saving money, paying down credit card debt Sheri Gordon is an assistant assigning editor for the Core Personal Finance team at NerdWallet. For the past 13 months, Sheri was on the business and metro copy desks at The Los Angeles Times, where she wrote stories that won an award in the year 1998 for the Pulitzer Prize for breaking news. Sheri edited magazines about culture, politics food, education, and activism. She published books about health and water policies, and architecture. Sheri earned a Bachelor of Arts in the field of history in the University of California, Los Angeles. Email:
. The majority of items featured here come from our partners who compensate us. This affects the products we feature and where and how the product is featured on the page. However, this does not affect our assessments. Our opinions are entirely our own. Here is a list of and . The majority of lenders will need to conduct a credit verification when you apply for credit such as a mortgage credit card or auto loan. Potential employers, landlords, as well as utility companies can check your credit. If your credit check does not work out, your application could be rejected or you may get unfavorable loan terms, like an increased interest rate. There are some steps you can take to avoid unexpected surprises and put you in the ideal position to be in the best position. Here's what to do in the event of an inquiry from a credit bureau. 4 things to do before the credit check 1. Unfreeze your credit Freezing your credit can help prevent fraud: It blocks others from accessing your credit report and also from opening a new bank account under your name. However, if you fail to remove a security freeze before making an application for credit, the lender can't run a credit check and will likely not approve your application. Are you unsure if your credit has been blocked? Log into your account with the three main credit bureaus (Equifax, Experian and TransUnion) to view your status or call their support numbers. If you've placed a freeze with each bureau, you'll be required to reach out individually to . 2. Check your credit reports and scores Lenders will inspect your credit score and report for signs that you're a reliable borrower. For instance, they'll determine whether you've a track record of making payments in time or have accounts in collections. Doing this yourself will help you understand your current standing. Reviewing your reports gives you a chance to spot which could affect your credit or application, for instance, an inaccurate balance on your account. Credit reports don't reveal your credit score, therefore you'll need to review those separately. It is possible to get free weekly credit reports through the closing of the year through . Many personal finance sites, like NerdWallet, also provide an unrestricted credit score and report. The ability to access your own credit scores and reports won't harm your scores. 3. Improve your credit score If you have a good credit score, the more likely lenders will approve your application and give you favorable terms. Consider opportunities to improve , or at least keep it. Actions might include paying down debt you already have and avoiding taking on new credit. For instance, making regular payments on a credit card during the billing period helps improve your credit score by maintaining a low utilization of your credit. 4. Do not apply for more credit. A credit inquiry that happens when you apply for credit or a loan or credit card , is referred to as a . Hard inquiries show up in your credit reports for about two years and could affect your credit score for a year. Reducing the number of inquiries will protect your credit. If you are shopping for multiple lenders, such as a mortgage, the multiple inquiries are usually considered one inquiry if they are made within a 14 to 45-day timeframe. "You don't get penalized for shopping around, but you will be penalized if you take too long," Robert Persichitte, an Arvada, certified financial planner from Colorado who sent an email. However, applying for several credit cards in a brief period of time can reduce your score and could be a problem for prospective lenders. By following these steps before you conduct an assessment of your credit score will ensure that it runs in the most efficient way possible. The author's bio: Lauren Schwahn covers consumer credit and debt for NerdWallet. She has also been featured in USA Today and The Associated Press. In a similar vein... Explore even more deeply in Personal Finance Make all the proper financial moves

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