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Did you know that all residents of the US have the right to obtain one free credit report from each of the three credit bureaus per year? Now that we're heading into a new year, it's the perfect opportunity to take advantage of this benefit--especially now that your credit score is more important than ever with today's tightening credit standards!
But Beware
I am sure you have seen commercials offering free credit reports – especially that really stupid one with the singing idiots. These commercials are completely misleading – you do NOT get a free credit report, you get a copy of your report if you sign up for a service and pay a continuing monthly fee. Don’t be fooled.
To get your annual free report, go to www.annualcreditreport.com. This free credit report will only give your credit history and your personal information (names , address etc.). This helps you keep tabs on the accuracy of the information in your report. But it does not include your credit score. If you want to know your score, you can pay an add-on fee from the service.
Issues of your report?
If you see accounts on your credit report that are not yours, or that have balances or other information that you do not agree with, you can dispute these entries with the credit agency. You can write them a letter referencing the item (the slowest method), you can call them to put the item in dispute (this works pretty well), or you can go online to the credit agency to dispute the information (this seems to work the fastest). Each agency has it’s own policy and method for handling disputes, so make sure you know exactly what these are so you abide by them.
Stagger Your Reports
Remember, you are entitled to receive only one free report from each bureau per year, so consider staggering the requests. For example, order one from TransUnion this month, one from Equifax in May, and one from Experian in September. This will allow you to order three credit reports per year, and provide you to monitor your credit throughout the year. One caveat – many creditors will report information to only one agency, so the information on one report may not match what the other bureaus have on file for you.
When applying for any type of credit, your clean credit history can help save you hundreds if not thousands of dollars in interest each year..
It's your credit… you have a right to know what is in it!
Here are links to the three major credit bureaus
Equifax
Experian
Transunion
For help with your mortgage - refinance or purchase, email me or visit my web site.
For provocative views on Education, read the Dallas Math Education Examiner.
For provocative views on Education, read the Dallas Math Education Examiner.
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