Have you seen LendUp’s Fast Financial Facts? We created LendUp’s Fast Financial Facts as a way to help consumers navigate their finances. In a few minutes, or less, you may learn something new about how to get the most of your finances. You can watch the videos by following the links.

Let’s start with three great reminders to make sure you understand and check in with your credit history, which is basically your financial resume:

  1. Look at your credit report at least once a year
  2. If you see any inaccuracies on your credit report, dispute them!
  3. Understand how long negative information could stay on your credit report

Request a free credit report: Did you know that your financial activity, related to credit, is all detailed on a credit report that lenders, landlords, and even employers may consult when considering how trustworthy, or creditworthy, you are? You are entitled to one free credit report a year and this is the only website that is authorized by Federal law to provide your free reports: www.annualcreditreport.com. If another website says it is a free report, it normally is not.

Correct mistakes on your credit report: There are 4 steps you need to take to correct an error on your credit report. A mistake is when there is something on your credit report that is false, or fraudulent.

  1. Identify the error.
  2. Report the mistake by getting in touch with one of the major credit reporting agencies
  3. Check in with them -- they have 45 days to respond
  4. Follow up to make sure an error is removed! Remember it is up to you to report these mistakes on your credit report, so it’s best to request a credit report once a year.

What is the 7 Year Reporting Period?: Building credit takes time. Small mistakes could stay on your credit report for a while and impact your credit in a big way. How long can something stay on your credit report? Seven years to be exact, so make sure you consider this as you embark on your credit-building journey.

Share with your friends, to show your financial savvy! Or, if you have a question or fact that you’d like us to research, please let us know, by sending an email to education@lendup.com.

Disclaimer: LendUp is not providing you financial, legal or tax advice. If you need or want such advice, please consult a qualified advisor.