Today I received a letter from one of my credit card companies telling me that they had reviewed my card usage and based on my history were cutting my available balance in half. Since I rarely use this particular card, because it's got too high an interest rate and because the balance was so ridiculously high that I was afraid to carry it around with me - my initial reaction was that this was good news. Even at half what it was, it's still several times more than I will ever charge.
I began to get concerned though when I read a paragraph down toward the bottom though. It said that the decision was based in part on information provided by Equifax. As far as I know, I don't have any blemishes on my credit record. I always pay my bills on time and I don't usually carry balances on my cards. So now I'm concerned about what might be on my credit report.
So, friends with a banking background, how concerned should I be by this? As I understand it, if I order a credit report myself, it will show up as a soft hit, what are the potential negative repercussions? If I find something there that shouldn't be there, how difficult is it to clean up? Thanks in advance for any information you can provide.