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You can have bad credit on your credit report either because you have faltered in your monthly payments or because of some errors on your report, which are no fault of yours. However, the net result is the same unless you correct it in time. You will not be able to know the exact reason for the bad credit unless you check your credit report information. If you have a low credit score on your credit report, you will pay a higher interest rate on your car and mortgage and insurance companies could turn you down or put you in a higher risk category with higher premiums. Moreover, more employers now run credit checks for potential job selection and/or promotions than ever before. Can you afford to pay higher interest, higher insurance premium and lose jobs or promotions merely because of some errors on your credit report? Of course not! You must check your credit report to be aware of the anomalies in your report, but where will you get your credit report? How to get a copy to check credit report? There are three main reporting agencies: Equifax, Experian, and Trans-Union. There are other local subordinate groups, who basically get their information from one of the three national bureaus. The big three, however, do not exchange information with each other and as such the information available with each of them could be different, depending on who has reported to them and what was reported. You may, therefore, find that while you check your credit report, the information on your credit report may differ from one bureau to the other. You may also check your credit report online. What does it cost to get a copy of your credit report? For a small fee ranging from $2 to $8, any of the three major credit reporting agencies (Experian, Equifax or Trans-Union) will provide you with a copy of your credit report at anytime. If, however, you have been turned down for credit, you can get a copy of your credit report for free. If the report causing the decline was from Equifax or Trans-Union, you will get a copy of your credit report within 60 days of credit turn down. Experian offers a free report within 30 days of turn down and also offers a free report annually. There are some commercial groups such as Consumerinfo.com or San Diego based Confidential Credit that can provide a joint report from all the three agencies. The costs of these reports are ordinarily higher than individual reports that are $35 to $50. A credit monitoring service is also offered by such organizations. What are the requirements of these credit agencies? To give you a copy of your credit report, each agency will require you to submit your full name, address (for the last 5 years), phone number, social security number (SSN), spouse's name and SSN, and usually proof of address (utility bill etc.). You must remember that the people at the credit bureaus are fully aware of all pertinent details of your credit position, when you submit the above information. After you receive your credit report, don't forget to check it carefully for erroneous, outdated, or irrelevant information. Conclusion It is not enough to merely get your credit report. You have to be in a position to interpret its various aspects and understand its implications fully. The reports of each of the three national agency reports will differ from each other but all of them are furnished with a legend or instructions for interpretation. The legend will instruct you how to check your credit report. Merely feeling that it is too complicated for you will not serve the purpose. The best thing to do is to take a deep breath and go slowly over each item at a time. Once you get the feel of the report, you will find that it is not all that difficult. |
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