Credit Basics III
 Avoid
offers to order the “3-in-1” or “tri-merged” report
that combines information from all three credit reporting
agencies. Remember: Your credit report from each agency
could be different. In order to make sure that all
of your credit information is correct, it is important
to order three separate reports.
Source: Your Credit Score by Liz Pulliam Weston |
Reading your credit reports is an important part of managing
and maintaining your credit.
It is important to know that all lenders do not report to all three credit
reporting agencies. That means each report from each credit reporting agency
could be different. Order all three reports, and read them all, to make sure
all of your credit information is correct.
There are three credit reporting agencies that create credit reports: Equifax,
Experian, and TransUnion. You are entitled to a free credit report from each
of these agencies once every 12 months.
To Request Your Free Credit Reports
| Information
You to Need Have Ready |
| When you
make a request by phone or Internet, have this information
ready: |
| • |
Your name |
| • |
Your Social Security
number |
| • |
Your date of birth |
| • |
Information that only
you would know to verify your identity (examples: your
mother’s maiden name or a street you used to live
on) |
|
| You
are also entitled to a free credit report if you are on public assistance
or are a victim of identity theft. But, for these instances, you must contact
the credit agencies directly to get your report. |
|
You
can order your free reports all at once, or at
three different times over the year. If you’re
reviewing your reports for the first time, order
all three at once so you can compare information
on each one. If you’re in the process of
improving your credit, you might want to order
your free credit report orders at different times
over the course of the year so you can track your
progress.
Source:
Your Credit Score by Liz Pulliam Weston
|
You
are entitled to a free credit report if you’ve
been denied credit in the last 60 days. To get
your free report:
1. Review your credit denial letter.
2. Find out which credit reporting agency your lender based your credit
denial on.
3. Send your request for a credit report with a copy of your denial letter
to that agency. |
|
 |
|
| Scam alert: Beware
of offers for free credit reports from businesses
other than the three credit reporting agencies:
Equifax, Experian, TransUnion |
|
Note! Some federal and state government
agency Web sites may announce the availability of free credit
reports.
| Scam alert: There are disreputable
businesses that will do anything to get your Social
Security number. Guard this number as you would
your life. If a business asks for your Social
Security
number and you’re not sure if the business
is legitimate, stop the conversation or transaction
immediately. Contact the Better Business Bureau,
your Habitat
for Humanity advisor, or a trusted friend or mentor
for help. |
|
The
credit reporting agencies are in business to make
money. When you go to their Web sites, be prepared
to dig a bit to find where you can order just a
credit report. You will be prompted to take advantage
these offers:
• Monthly newsletters
• Credit monitoring
• Identity theft protection
• Packaged purchases, such as a “3-in-1” credit report, FICO
score, and credit monitoring
Ignore these offers. You will learn here how to do many things for
free that the credit agencies would rather have you pay for. |
|
If You Want to Order Your Credit Report More than Once per
Year
You can order your credit report as often as you wish. It does
not affect the status of your report—good or bad.
To order additional credit reports online, visit www.MyFico.com. Or, you can
contact the credit reporting agencies directly and order your report online or
by phone.
The cost for each report will be about $10.00 (as of
7/27/07).
|
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NEFE. All rights reserved.
