Few people realize the importance of checking their own credit report before they apply for a loan or any type of credit. They are then often surprised when the lender pulls their credit and there are problems that they were completely unaware of and didn’t even know about.
The majority of all credit reports do contain inaccuracies and mistakes. It is estimated that as many as 75% of all reports have erroneous information of some sort, be it identity mistakes or just inaccurately portrayed credit. If you have mistakes on your credit you can dispute them and get them removed but in order to do so you must be aware that they are there.
Many people mistakenly assume that they cannot check their credit unless they have a valid reason to do so. However, as far as your own report goes you can check it anytime for any reason. With identity theft on the rise and the unavoidable errors in reporting from numerous lenders, everybody should make the effort to check their own report information often.
Just one single error on a report can affect the interest rate that you are offered and you can be turned down on loans for major purchases such as homes or cars. These days, even insurance companies turn people down for credit problems. That is why it is so crucial to check your credit report often.
Many different people can request to check your credit report information. Landlords, utility companies, employers, hospitals, credit unions, finance companies, banks, insurance companies, mortgage companies, retailers, credit card companies, department stores, lawyers, courts and many others are now making the request to check your credit. It is important to know however, that anyone who checks your credit must have your permission and you should be very selective on who you will let see your credit.
You can check your own credit by contacting any of the three major credit-reporting agencies. In the United States those are Equifax, Experian and TransUnion. Each of them have their own reports and they do not trade information so you will need to contact all three of them.
You can also take advantage of credit monitoring services. With these you can check the information from all three of the credit bureaus at one time. Not only will they allow you to check your credit but they can also set an alert that will let you know of any changes on your credit report.
You need to take full responsibility for whatever is being reported on your credit. You can then take the steps that are necessary to improve and repair your credit after you find out what is showing on your report.
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