Checking your credit report regularly

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Checking Your Checking Your Credit Report Credit Report

RegularlyRegularly

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Your credit score plays a vital role in many

essential areas of your life, including loans, renting a home or

apartment, mortgages, and even your job.


How is Your Credit Score How is Your Credit Score Determined?Determined?

• By information gathered from:By information gathered from:

– ExperianExperian

– EquifaxEquifax

– TransUnionTransUnion

• Get your free credit report at: Get your free credit report at: https://www.annualcreditreport.com

As a consumer, you're entitled to one free credit

report from each bureau each year.

https://www.annualcreditreport.com/


WhatWhat’’s in Your Credit s in Your Credit Report?Report?• Your name and any other names Your name and any other names

youyou’’ve used.ve used.

• Current and previous addresses.Current and previous addresses.

• Your record of payments on your Your record of payments on your credit cards and loans, including your credit cards and loans, including your mortgage.mortgage.


WhatWhat’’s in Your Credit s in Your Credit Report?Report?• Public records such as bankruptcies, Public records such as bankruptcies,

judgments, foreclosures, and car judgments, foreclosures, and car repossessions.repossessions.

• Your credit limits on each of your Your credit limits on each of your credit cards or other lines of credit.credit cards or other lines of credit.

• How long youHow long you’’ve had each type of ve had each type of credit.credit.


WhatWhat’’s in Your Credit s in Your Credit Report?Report?• The balance due on each credit The balance due on each credit

source.source.

• If youIf you’’ve defaulted on any of your ve defaulted on any of your financial contracts.financial contracts.

• Anything that was turned over to a Anything that was turned over to a collection agency, like medical bills collection agency, like medical bills and more.and more.


Most of the information

stays on your credit report for

three years.

Bankruptcies and judgments:

7-12 years!


How Do You Get Your Credit How Do You Get Your Credit Score?Score?• Credit bureaus do not include your Credit bureaus do not include your

credit score in your report. credit score in your report.

• They charge a small fee to provide They charge a small fee to provide this information. this information.

• When you request your report, youWhen you request your report, you’’ll ll have an opportunity to purchase have an opportunity to purchase your score also.your score also.


How Do You Get Your Credit How Do You Get Your Credit Score?Score?• Some credit monitoring services Some credit monitoring services

provide your credit scores as part of provide your credit scores as part of their service.their service.

• They charge a monthly fee for you to They charge a monthly fee for you to have constant access to your credit have constant access to your credit reports and scores.reports and scores.

• Such a service can alert you to any Such a service can alert you to any suspicious activity.suspicious activity.


What If Your Report Has What If Your Report Has Errors?Errors?

You may find:You may find:

•Addresses where youAddresses where younever lived never lived

•Other peopleOther people’’s credit cardss credit cards

•Even their bankruptcies and judgments!Even their bankruptcies and judgments!

In all likelihood, there are

errors in your credit

reports!


What If Your Report Has What If Your Report Has Errors?Errors?

Contact the bureau thatContact the bureau that’’s s reporting the error and reporting the error and

request that they correct it. request that they correct it.


To Report Errors On Your To Report Errors On Your ReportReport::

• For Equifax reports: For Equifax reports: http://www.investigate.equifax.com

• For Experian reports: For Experian reports: http://www.experian.com

• For TransUnion reports: For TransUnion reports: http://www.transunion.com

http://www.investigate.equifax.com/

http://www.experian.com/

http://www.transunion.com/


Self-Reflection Questions:Self-Reflection Questions:

• Am I planning on taking out a loan or Am I planning on taking out a loan or mortgage in the near future?mortgage in the near future?

• When was the last time I checked my When was the last time I checked my credit report?credit report?

• Is my credit score worth checking on Is my credit score worth checking on a regular basis?a regular basis?


Action Tips:Action Tips:

• Request your free credit report from Request your free credit report from each of the three major bureaus.each of the three major bureaus.

• Report any errors you find and follow-Report any errors you find and follow-up on the corrections.up on the corrections.

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Documents

Checking your credit report regularly