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Credit Reports, Credit Scores, and Credit Monitoring
Did you know that The Fair Credit Reporting Act allows consumers to receive one free credit report every year? As a responsible consumer seeking to gain control of your financial future, this is an important fact for you to know. Not only will reviewing it help you get an idea of what your credit score is (your detailed credit score costs money), it will also give you the opportunity to see if all of your personal information is accurate. This will help you considerably, because even one small error on your credit report could seriously affect your credit score and cause your rates to increase.
You are permitted to acquire a free credit report from the three major consumer reporting agencies in the U.S. (Experian, Equifax, and TransUnion). These credit bureaus also offer full credit reports, but you have to pay for them. Checking your credit report is called a soft inquiry, and you can check your credit as much as you want without it negatively affecting your credit score.
Common Questions
- Why have a credit report?
A typical consumer has access to thousands of dollars worth of funds on all credit cards combined, and there have been millions of...more - Why are credit reports important?
Credit reports serve to protect the consumer and also provides a means to obtain credit. By acquiring your credit report, you can proactively take steps to...more - What if there are errors in my credit report?
You can take steps to attempt credit repair yourself...more - Does my employment history have any impact on credit status?
Yes, it could. This is an area that is looked at. Potential creditors and lenders want to see that you...more - Who generates my credit report?
There are three credit reporting bureaus that are responsible for credit reporting...more
