Tracking all active loans against your name is crucial. Who knows, you may have a fake loan against your name. Hence, you should know how to find all loans in your name. By the way, can you get all your loans listed under one specific roof?
You can easily discover every loan in your name via your credit report. Only your credit report has all the important financial details about you. So, you can navigate to AnnualCreditReport.com and get your credit report. Moreover, we will guide you on how you can check your active loans and what additional information your credit report holds.
Let’s get started.
How to Find Out All Loans in My Name?
Keeping an eye on your credit report keeps you away from potential fraud. How to find all active loans in your name? You must pull your credit report. Then, check all loans against you. If you find anything suspicious or wrong, you can contact the corresponding bureau and report the incident.
Apart from relying only on AnnualCreditReport.com, you must check your credit report from the following 3 bureaus:
- TransUnion
- Equifax
- Experian
So, pull your credit report from all these 3 bureaus and check if the details about the mentioned loans are accurate. If you notice different reporting and information, then something may be fishy.
Inspect each account information in detail and see if all loans are yours. Immediately report the transaction that you can’t recognise. Otherwise, you can request the respective bureau to rectify if any information is erroneous.
What Do You Find in a Credit Report?
A credit report contains detailed information about your loans, which you already know. However, a credit report doesn’t only contain your loan details. Your credit report check can provide your financial and personal data.
For example, a credit report contains the following types of data:
Personal Details
Your credit card statement should have your personal information mentioned. For instance, the following details must be on your credit report:
- Your phone numbers
- Date of birth
- Your creditors
- Your Social Security Number
- Home addresses and more
Accounts
Do you want to learn more about all your credits or loans? Then, you have to navigate to the accounts section on your credit report. Your credit report online will give you a quick sneak peek into the following details:
- Your loan or credit accounts
- Credit cards
- How much money do you owe, and to whom
- If you make timely payments to your creditor or lender
- Instalment loans like auto loans, mortgage loans, etc.
Besides this, you can track account status, account numbers, payment history, balances, creditor names, etc. on your credit report. Well, credit reports hold public records information such as bankruptcies.
Recent Inquiries
You are one of many individuals who can access your credit report online and examine it. Therefore, you can now get to know who has viewed your credit report recently and when on your credit report.
What Do You Mean by Credit Bureaus?
Credit bureaus are designated to maintain borrowers’ credit history. Since a credit report contains your credit score, personal data and contact information, account details, and more, credit bureaus access your credit report. Credit bureaus calculate your credit score using the given information.
What can determine your current credit score? Reportedly, the following factors play a major role in deriving credit scores:
- Your payment history decides your credit score. The more you pay on time, the higher your credit score will be.
- If you utilise your credit limit more often, it can lower your credit score.
- More loan applications and loan sanctions will hamper your credit score.
- A higher percentage of unsecured loans can negatively impact your credit score.
- In addition, a debt with a longer term can impact the overall credit score.
In the United States, 3 bureaus are operational, as stated above. What is a good credit score? A credit score higher than or equal to 800 is labelled excellent. You can tell a credit score is very good if it’s between 740 and 799.
On the other hand, a credit score in the range of 670 to 739 is considered good. You can still get a fair credit score with any figure from 580 to 669. However, a credit score below 580 can affect your chances of getting a new credit.
Where do credit bureaus collect financial data of yours? They get them from your lenders. For instance, when you take a credit or loan, the financial institutions must report all this information to credit bureaus. In addition, lenders need to report the repayment status for your credit card or loan account.
They also mention whether your account is overdue or regular. Thus, credit bureaus can track all your loans and credit accounts.
Who is Liable to Check Your Credit Report?
Only some people can look at your credit report. The FCRA, or Fair Credit Reporting Act, restricts who is allowed to check your credit report. Here are the people approved to go through your credit report check.
You
For obvious reasons, you can see your credit report. After all, the credit report is assigned against you. Therefore, you can review your credit report. On a related note, accessing your credit report doesn’t negatively impact your credit score.
Lenders
Any lender to whom you apply for credit would examine your credit report. Usually, they are known as ‘hard inquiries’ when creditors or lenders check your credit report. However, these inquiries tend to lower the credit score.
Employers
Your employers might sometimes ask you to show your credit report before hiring you. Well, they can’t review your credit report without your consent.
Insurers
Since insurance belongs to the finance sector, the insurance company can ask you to show your credit report. So, you must permit your insurance company to view your credit report after applying for insurance.
Landlords
You might have to show your credit report to landlords if you rent a home or apartment. Still, landlords must have your consent to check your credit report.
Apart from these people mentioned above and entities, different businesses may wish to check your credit report for numerous purposes. However, they will need your consent to peek into your credit report.
What if You Find a Fake Laon in Your Credit Report?
Your credit report is the only answer to how to find all loans in your name. Now, chances are you come across something on the credit report that doesn’t belong to you. For example, there can be a fake loan, and you might have become a victim of identity theft.
What should you do if you discover fraudulent activities have been registered against your name? The first step is identifying the company where the alleged fraud occurred. Next, call the company and explain everything. You can even request the company to freeze your account so that it doesn’t harm your credit score.
In addition, you must update your login credentials for your online banking accounts. Moreover, you should place a fraud alert on every credit bureau. After that, you must report the identity fraud to the FTC. Go to their official website and fill in the provided form.
FTC also recommends filing a police report at your nearest police station. Besides these mandatory steps, you can follow the guidelines below for extra safety:
- Contact the companies associated with all fraudulent accounts against your name. Then, request them to close the account. If necessary, show the FTC Identity Theft Report as evidence.
- Afterwards, you can ask companies to remove those fake charges arising from those fraudulent accounts and activities.
- Next, you should call credit bureaus to strengthen your credit score. Show the FTV Identity Theft Report to remove those fake loans and other accounts in your name.
How to Find Active Loans in Your Name?
Alternatively, you can contact your bank or respective lender to find out all your active loans in that financial institution. Just provide your details, and the bank should give you the necessary information. However, is it possible to not have a credit report?
Yes, it’s possible if you never had a credit card. You did not get a credit or loan from a bank or credit union. Hopefully, the guide answers all your queries about finding loans in your name.
