Personal Financial Management Reflection
Examination of the Credit Report for any Inaccuracies
In examining the credit report, various crucial aspects include information identification, credit history, public records, and inquiries. Regarding information identification, characteristics such as name, address, social security number, phone number, and date of birth are evaluated. All the information must refer to the person named in the credit report; if not, an inaccuracy is identified. All personal information for my credit report is correct, and no inaccuracy is identified. The credit history includes open and paid credit accounts such as loans, mortgages, and credit cards. Also included are the remaining loan balances, accounts shared with other people, and accounts sent for collection. The examination for this case entails assessing whether any credits have been opened in my name without my consent, which could be an inaccuracy that may lead to identity theft. In my case, no inaccuracy was identified. Regarding public records, the blank section indicates that there is no inaccuracy. In the last part of the inquiries, one inaccuracy is identified relating to a medical bill that should be rectified. My credit score is 710, which falls within the good category from 670 to 739.
Correction of the Identified Inaccuracy
Based on the assessment above, an inquiry inaccuracy should be corrected. Notably, this inaccuracy should be corrected by taking a dispute resolution measure. I will take the medical bill inaccuracy in my credit report to an agency showing the error. Then, I will write a letter identifying the medical bill as an error and why I am disputing it. In filing for the dispute, I will gather the documents and all other evidence that prove I paid the medical bill, which was included in my credit report by mistake. I will send all the items to the credit reporting agency using my certified mail.
Credit Report Evaluation and Creditworthiness Evaluation
My credit report contains only one inaccuracy that should be corrected. The credit report shows that my limitation to access debt is not high. I can access even better levels of loans upon rectifying the identified inaccuracy. Currently, my credit score stands at 710. Notably, this credit score falls within a range of 670 to 739, which is considered good (Lee et al., 2019). However, it is important to understand what the credit score means and why an excellent credit score may not necessarily reflect one’s worth. A high credit score indicates that one keeps taking debt and lives with it while ensuring no defaulting in paying it when they fall due. Thus, my credit score is good because it allows me to access loans when in need.
Steps to Improve Creditworthiness
The first step to improving my creditworthiness entails correcting the identified inaccuracy. Notably, this will help make the information in my credit report more reliable. Second, I will build my credit history and make regular payments on time to ensure I do not receive negative scores pending late payments. A long history of regular and timely payments will significantly improve my creditworthiness. Lastly, I will ensure my use of credit remains relatively low. Essentially, this means that lower credit utilization will be shown in my credit report, which is considered to be positive by lenders.
Reference
Lee, J. M., Park, N., & Heo, W. (2019). Importance of subjective financial knowledge and Perceived credit score in payday loan use. International Journal of Financial Studies, 7(3), 53.
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Question 
Personal Financial Management Reflection
Instructions:
If you’ve already established credit, get a copy of your credit report from one of the credit bureaus mentioned in this chapter. (If you’ve applied for a loan recently, your lender may already have sent you a copy of your credit report.) Carefully examine your report for any inaccuracies and take the necessary steps to correct them. Then look over your report and evaluate your creditworthiness. If you feel you need to improve your creditworthiness, what steps do you need to take?