The job of a credit reporting bureau is very important in the United States. There are three credit reporting bureaus that keep track of consumer credit information. Whenever an individual wants to borrow money, rent an apartment, get auto insurance or even get a job, the lender, landlord or company is likely going to obtain information about the applicant from a credit reporting bureau. Unfortunately, credit reporting bureaus can make mistakes, which can end up costing consumers in a major way.
A Credit Reporting Bureau Can Make Mistakes
Credit reporting bureaus are supposed to obtain detailed information about your mix of credit, the types of debt you have, and how responsible you have been with paying your bills. This information is supposed to come from the creditors that you have a relationship with. All of the details provided by the creditors are listed on a credit report, which is in turn used to set a credit score that lenders look at to decide whether to lend to you.
Unfortunately, sometimes credit reporting bureaus obtain incorrect information or include the wrong information on your credit report. For example, a credit reporting bureau may accidentally include information on your credit report that applies to someone with a similar name or with a social security number that is close to yours. This incorrect information could be used in calculating your credit score, and could be seen by lenders who don’t know it is a mistake. This could mean you might not get a loan that you should qualify for, or that you might have to pay more to borrow.
Credit Bureaus Need to Correct Mistakes
If a credit reporting bureau does make an error, you have the right to have that mistake corrected. You can request in writing via mail to have incorrect or inaccurate information removed from your credit report. You can also request to have inaccurate information removed online by contacting the credit reporting bureau using available forms over the Internet. It is up to you to let the credit reporting bureau know that a mistake has been made that you want corrected; if you do not alert the bureau and ask to have the inaccuracy fixed, it might not be caught ever.
How to Spot Mistakes
In order for you to alert the credit reporting bureau to the fact that they have made a mistake, you need to know that the mistake is there. You should check your report from each of the three major credit reporting bureaus regularly so that you can learn as soon as possible about errors that have been made and so you can move forward as quickly as possible to get those mistakes corrected. Order your reports from each credit reporting bureau today using a service that provides all three credit reports and scores.
Most people have heard that it is important to check their annual credit report, and that it is possible to obtain a credit report for free once per year so that they can keep track of their credit history. The reality, however, is that checking your credit one time per year may not be enough for most people. Furthermore, simply obtaining a free annual credit report is also not going to be sufficient to give you a full picture of how lenders view your borrowing history or of whether your credit is good or bad. Instead, there is more you need to do in order to be on-top of your credit score and to make sure that you never face higher interest rates than you should because of problems with your credit information.
Your Credit Report is Updated Frequently
Checking your annual credit report is not enough to know what is going on with your credit because your report is updated much more often than once a year, and because a lot can happen over the course of the year. Creditors report new information to the three major credit reporting agencies once per month. This new information might be details about payments you have made, new accounts opened in your name or judgments against you. You need to know about this new information as soon as possible, because the information on your report could show that a mistake has been made (like incorrect information being included) or that identity theft has occurred (if someone opened an unauthorized account in your name). If you wait a year to find out about an error or identity theft, you could have a big mess on your hands to try to undo all that the thief has done, or you could end up missing out on credit opportunities.
Your Report Can Be Checked More Often
Waiting for an annual credit report is also not a good idea because lenders don’t just check your report once per year. Every time you apply for credit, your report will be checked. Likewise, if you get a job of try to rent an apartment, your landlord or employer may check your credit. You want to ensure that the info they are obtaining is accurate, which means you need to look at your report regularly so you’ll always know what lenders are seeing no matter what time of year they pull your credit.
Check Your Credit More Often Than An Annual Credit Report
Checking your credit once per month is generally a better choice for most people than just checking once a year. Fortunately, with Credit Report 123, you can obtain more than just an annual credit report- you can regularly get three credit reports AND your credit score, which lenders often rely on to give them an idea about your credit without having to check the entire report.
When you check your credit report, 3 bureaus and score information is key. Your credit report is a record of all of your past borrowing and of how responsible you have been with your debt. You don’t want to just pull one credit report from one of the major credit reporting agencies. Instead, you want to obtain a report from all three credit bureaus and you also want to obtain score information. Only by pulling a credit report from all three bureaus and obtaining score information can you have a comprehensive picture of your financial state.
Why a Credit Report 3 Bureaus and Score Information is Important
It is important to obtain your credit report from all three credit reporting bureaus and to obtain your score information because you want to ensure that you have a full and complete picture of everything that lenders can see when you want to borrow money. Lenders, a landlord, utility companies and even employers may all check your credit to see if you are trustworthy and responsible with money. You never know which of the major credit reporting agencies they are going to pull your report from, so checking your credit report from all 3 bureaus is very important.
Why Do You Need To Check Your Score?
In addition to getting a credit report from all three of the major credit bureaus that keep tabs on your borrowing history, you also want to ensure that you are obtaining score information from each of the three credit reporting agencies. Just looking at your report can give you a detailed description of how you have borrowed in the past, but without the score, you won’t know whether your past borrowing actions have helped you to be viewed in a positive or a negative light. It is the score that most lenders use as a shortcut glimpse to tell them how creditworthy you are, since the numerical score lets creditors (and you) know at a glance how you are doing.
How To Obtain a Credit Report 3 Bureaus and Score Information
To obtain your credit reports and scores from all three credit reporting agencies, you could individually order your report and score from each agencies. Unfortunately, this can be a time consuming process, especially if you plan to watch your credit report and score over time to make sure that it doesn’t change unexpectedly. Instead of having to individually obtain your credit report and score all the time, you should consider using a service that makes it possible to obtain a 3in1 credit report. This is the simplest way to obtain a credit report, 3 bureaus and score information on a regular basis.