Few people comprehend the value of checking their own credit report before they ask for a loan or any type of credit. They are then often surprised when the lender pulls their credit and there are troubles that they were fully ignorant of and didn’t even know about.
Most credit reports have mistakes and inaccuracies. It has been estimated that as many as 75% of all credit reports have mistakes or other mistaken information at any certain time. If you know about the mistakes and inaccuracies you can dispute them and try to get them removed but if you don’t know about them they will just catch you off guard.
Many folks mistakenly believe that they cannot confirm their credit unless they have a legitimate motive to do so. But, as far as your own report goes you can check it anytime for any motive. With identity theft on the rise and the inescapable errors in reporting from numerous lenders, everybody should make the attempt to check their own report information frequently.
It is critical to verify the information on a frequent basis because a lone inaccuracy on a report can impact the type of interest rates that you are offered and you can be denied credit for loans on major purchases such as cars or homes. Even insurance companies can turn a person down after they check credit report information and believe an person to be a credit risk.
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 appeal to check your credit. It is important to know however, that anyone who checks your credit must have your consent and you should be very discriminating on who you will let see your credit.
In order to check out your own credit you can get in touch with any of the three major credit-reporting bureaus. Those are Experian, Equifax and TransUnion in the United States. Each bureau retains their own information and they do not swap information so consequently it is imperative to make contact with all three of them.
With the requirement for individuals to confirm credit report information on a frequent basis, people can now take advantage of credit monitoring services. These types of services permit individuals to check credit report information from all three reporting agencies at one time. Not only can a person confirm credit report details, but also these services supply credit monitoring services and alert patrons to any changes in their credit reports.
You are responsible for knowing just what is being reported on your credit report and you can take steps to improve and repair your credit if you are aware of what is showing on your report.