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Knowing your credit score can save you thousands of dollars. Forget the TV commercials and go online to a site we recommend. You will be glad you did.
Credit Monitoring Services
Most credit reporting agencies will offer to monitor your credit for a "small" fee, but you should be aware: these services can be both unnecessary and depending on the provider costly as well (anywhere between $43 to almost $150 a year)! Typically, these companies claim that they'll notify you if anything unusual or suspicious appears on your consumer credit report. My advice: if your credit isn't that bad, don't bother - instead, you should always monitor your own credit.
First, make sure that your record represents you fairly and accurately! Order, and regularly review, your consumer credit reports from all the major reporting agencies. The advantage of reviewing all three reports at once is that you can get a complete picture of your consumer credit report history, while on the other hand: if you want to monitor the accuracy of your consumer credit reports throughout the year, request your report from one bureau initially, then follow up with another bureau's report four months later, and the third four months after that. This is an effective way to monitor your credit at no cost to you. Nice, huh?
If you do find any errors with your report, no matter how big or small, make sure that you get them fixed right away, and make sure that you then contact all three bureaus with your changes (they won't change them without this important step). You should then receive amended reports within a week after the changes take effect. If not, give them a call!
Note: always close long, unused accounts that are listed as still active on your consumer credit report. An unused account gives an identity thief a perfect opportunity to do what they do (read: steal). Once you close this unused account, ask that it be listed as "closed at the request of the consumer." This will save you from any headaches later on!
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
