Monday, October 20, 2008

In these Financial Times--Check Your Credit (Online)

You’ve probably heard numerous times that you have access to free annual credit reports from the three big credit reporting agencies (Experian, Equifax and TransUnion). What you may not know is that you can access (that is request) your credit reports from a single site: In fact, it’s better to request from the site, because it’s a bit easier to get the “free” report as opposed to going down the wrong path and subscribing to credit reporting services that you may not need. The centralized site enables you to transfer seamlessly between each of the three credit reporting sites (and you do want to check all three reports) and then bounce back to the central location after requesting, viewing or ordering your reports. As you go through the process you can spend money (to get your credit score, to get credit alerts, and so on) but it’s not really necessary unless your circumstances (or curiosity) dictate the need.

When I originally requested these reports a couple years ago, I found major errors on two of the three reports. If you have grownup children and have ever cosigned a lease or loan or guaranteed a phone bill, you may find their finances still intertwined on the credit report with yours; even though they’re married and over a decade has passed. Sadly based on the changes I reported, I no longer have residences in three cities in two states; but I’m also free of multiple rent and mortgage responsibilities.

In a time when credit is tight, identify theft is a reality, and safeguarding your credit rating is crucial, it may be worth the time to request your current credit report.

No comments:

My Blog List