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How Often Should I Check My Credit Report?

 | Jul 21,2007


Is it time to check your credit report? Experts suggest doing this periodically. With identity theft becoming a growing problem and an overload of information pouring into the credit bureaus, it's for your own protection that you should either go online or call for your free report.

Is It Really Free?

Yes, each credit bureau has to give you one free report each year.

How Many Times A Year Should I Do It?

Three times a year. Every four months contact FreeCreditReport.com and rotate credit bureaus. Perhaps start with Experian, and then in four months get your free report from TransUnion. In another four months, send for you Equifax report.

If These Are Free, Why Are There So Many Companies Wanting To Sell Me A Report?

Mostly what you see for sale are credit monitoring services. These companies will watch all three credit bureaus for you and then notify you if any suspicious activity shows up. They charge about $13 a month to do this.

The only times people generally pay for their credit reports now are when they're about to make a major purchase, such as a home and they want to see their own reports prior to the mortgage companies' scrutiny. Even these people only have to pay for the reports if they've already used up their annual free ones.

Are There Differences In The Reports?

There are variances. Each credit bureau collects and assesses your credit information differently. It's not usually that any of the reports are wrong, they just might not tell the full picture.

Will The Credit Bureaus Sell Me My Credit Score?

They will sell you your FICO score , which is also known as an Educational Score because it lets you know generally where you stand. However, this is not the score a business is assigning you and the exact method they use to do that is not available.

Why Don't The Credit Bureaus Share Information With Each Other?

They're about to start to do that. It's called the VantageScore.This is a new system that will regulate the three bureaus into using more of the same information and the same scoring calculations. Customers will receive a score from 501 to 990, but more importantly they will be assigned a letter grade. So rather than saying you have a FICO score of 720, you'd say you have "A" credit.

What Am I Looking For On My Reports?

Two things. First make sure no one else's name or Social Security number has been confused with yours and that no one has been applying for credit in your name. Second, check for anything negative on your report. If there is something from one of your financial institutions, contact them and ask them to remove it. They're allowed to do this and often will when asked, especially if you've typically been a good customer.

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