 TITLE: How to Pay Off Debt Listed on Your Credit Report CONTENT: Check Your Credit Report to Find Out Your Debt\n----------------------------------------------\nWhether or not you're paying off debt, it's important to review your credit report regularly to ensure the information is accurate.\nInaccuracies are rare, but they can happen, so you'll want to make sure to match up the balance and payment amounts with your own records. Also, look for accounts you don't recognize—it's possible that someone may have used your information to open a new credit account fraudulently, and you shouldn't be liable for that.\nIf you find inaccurate, unsubstantiated or fraudulent information, you can file a dispute with the credit reporting agencies, which will investigate the claim and have the information corrected or removed if a discrepancy is found.\nPaying down your debts is obviously an important step in ensuring your financial stability, and doing so reliably can help you build a healthy credit score. How much debt you owe is the second most influential factor in your FICO® credit score, and it takes into consideration your credit card balances as well as the remaining balances of your loans (including student loans).\nThe only factor that's more important than amounts owed is your payment history. That's why it's important to keep in mind that if you don't make payments on your debts, it can damage your credit score. What's more, late payments and collection accounts can remain on your credit report for seven years, regardless of if and when you get current on your payments. END