Obtain a copy of your credit report. It’s really incredible what an impact a credit history has—it is the very foundation of your
financial life. Every step you take counts and the trail you leave will guide
your creditors. It's used by lenders, it's used by insurance companies to decide
what kinds of rates you might pay, it's even used by employers to decide if
you'll get a job. So you really have to check your credit report and make sure
that it's accurate and up to date.
You should make sure the information in your credit report is
correct. Not only is your
credit score based on this information, but lenders also
review this information in making credit decisions.
Review your credit report from each credit reporting agency at
least once a year and especially before making a large
purchase, like a house or car.
As you may know, each of the three major credit-reporting agencies—Equifax, Experian and TransUnion—collects information about consumers.
They do not however share this information, making it possible that what is on one report may not be on another.
So, you need to get a copy of your report from each bureau.
A better solution is to obtain a three-in-one report because
it allows you to see the information side
by side from all the bureaus.
Several companies offer a three-in-one report. For
instance, at ConsumerInfo.com you can get a merged report
for $34.95. Check the site to see an example of such a
report and tips on what to look for once you get it. The
report you get from this company will also include the contact
information for all your creditors. Not all three-in-one
reports do.
There are free offers that provide you with a credit report from only one of the bureaus. For example, if you sign up for a 30-day trial credit-monitoring service through
www.FreeCreditReport.com, you only get your Equifax credit report free.
At
www.FreeCreditProfile.com, you get your TransUnion credit report.
In each case, you have to provide a credit card number, even
if you plan to cancel the service. Why? The
companies want to be able to automatically charge you for the
credit-monitoring service once the trial period is over.
Below are companies that offer one of the three credit reports
for free:
If you find an error, the credit reporting agency must investigate and
respond to you within 30 days. If you are in the process of
applying for a loan, immediately notify your lender of any incorrect
information in your report. Small errors may
have little or no effect on your score. If there are significant
errors, however, the lender may disregard the score.
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