Free Annual Credit Report

It might feel as if credit bureaus control your life.  After all, they have the last word if you get a loan, or if you can get a new job.  You might feel so controlled by credit bureaus that you forget they can actually help you.  When you get your credit report from the three credit bureaus, you can actually have protection.  That is because the bureaus may not have accurate information about you.  You can end up missing out on the things good credit can bring just because you have failed to utilize the information of the three credit bureaus.  You can protect yourself by analyzing all three reports and then working to make sure they are all accurate.

First, understand that not every credit bureau has the same information.  That is because not every creditor reports to every bureau.  You need to make sure you look at all three reports so you can make sure all have accurate information.  You might have fraudulent information on Experian, but your TransUnion report could be accurate.  Or your car loan could report to Equifax, but it does not report to the other two.  You need to know what the credit bureaus have about you so you can work to consolidate all of them. You need to make sure they all have accurate information and they all have the positive credit information that will help you.  The best way to get your credit report is to go to www.annualcreditreport.com and get a free copy from each major credit bureau.  You can get a free copy from the site every year.  You will then be able to analyze the reports and make sure they are accurate.

You also need to make sure all three credit bureaus have all of the right personal information about you.  Some files do not have the most up to date information.  This can hurt you when your identity is checked through a credit file.  You want to make sure the credit file has all of the right information that is up to date.  That means it needs the right address, your birthday, and your place of employment.  All of these things are very important in regards to your credit file.  If you notice a mistake, you need to contact the credit bureau immediately.  You will likely have to send in the correct information so they can correct their files.  While you might think all credit bureaus work to have the most accurate information, there are often inconsistencies in regards to personal information.  It only takes a few minutes to check this information, and it is very important.

You want to make sure you have your records from all credit bureaus so you can maintain an accurate file.  Having good credit is not the only important thing in regards to your credit.  You also need to make sure all information is accurate.  You do not want to be held back due to false information on your credit report.  Keep all three reports on hand so you can make sure only accurate information is reported.  You will then be able to maintain your credit worthiness.

We expect credit card issuers and other lenders to conduct a credit check before approving an application. But employers? Insurance companies?
What could your credit history have to do with job performance or insurability? A lot, say the companies that do pre-employment and pre-issuance
(of insurance policies) screening. In fact, tens of thousands of employers review credit reports as part of evaluating a job candidate. Employers
use this information to judge financial honesty and integrity, as well as the risk of bribery of people with a lot of debt. And, once you’re hired, employers can use the report for just about anything related to the job, including promotion and reassignment decisions. Federal law requires that an employer obtain your written approval before conducting a credit check. Once it gets your approval, and as long as it provides proper notice, your employer can continue to get your credit report without obtaining another authorization form from you. Deciding whether to authorize an employer to
get your credit report leaves many employees and job applicants in a bind. If you say no, you may look like you’re hiding something and be turned
down for the job. If you say yes, and the employer doesn’t like what it sees, you have the right to see your report and dispute any inaccuracies
before being rejected for the job.

But what if the contents aren’t inaccurate? The best you can do is claim that your problems are behind you and have little or no bearing on job performance. Insurance companies, too, routinely check on applicants before issuing a policy. Most health and life insurers request information on your medical history—mostly about major illnesses—from the Medical Information Bureau (MIB). Other insurers are permitted to check reports, although their use is infrequent and questionable. MIB isn’t the only noncredit bureau that provides information to creditors, employers, landlords or insurance companies. U.D. Registry and other similar companies provide information to landlords about evictions (also called unlawful detainer actions). A few companies provide check account histories (check bouncing, ATM use, debit card payment) to banks reviewing checking account applications. All of these companies are governed by the federal and state laws regulating credit bureaus.

With all of these companies performing credit checks on your personal history, the best way to stay informed is by obtaining a copy of your Free Annual Credit Report so you know exactly what the companies are finding out about yourself.