Why You Need to Check All Three Credit Reports

January 19th, 2018 | Author:

[T]here are three major credit reporting agencies: Experian, Equifax and TransUnion. All of them provide a credit report which lists your personal information and credit accounts. You can get one report for free each year or purchase extra reports through the agency sites. Many people just get one credit report, but you really should get all three.

Not All Information is the Same

Not all creditors report to all three agencies. They may report to only one or even to two. If you only get one report, you may miss out on important information about your credit. Creditors don’t update information on all three sites at the same time either in many cases. One report may show your true balance while another one may be outdated.

You Can Only Dispute with Each Agency

If you find errors on the reports, you must go to each bureau to file a dispute. Just because you dispute an error with Equifax and they fix the issue, it doesn’t mean it will be fixed on the other two reports. If you file a dispute directly with the creditor, they may or may not make the correction with all three. If you have a copy of each credit report, you can compare the information and know if you must take further action.

Lenders Use Different Reports

When you apply for a loan or credit card, you don’t know which agency the creditor will request your credit report form. While Experian is the largest agency, many lenders will request copies from all three. They compare the information to make a decision about your application.

You should know what others will be seeing on your credit report. The only way to do this for certain is by requesting copies of all three credit reports on an annual basis or before you apply for credit or loans.

Newest Answers

What You Need to Know about Credit Card Security

February 23rd, 2018 | Author:

[M]illions of people use credit cards every year. They hand it over to pay for purchases or go online with a card number to buy what they want. They seldom stop to think about security and how credit cards differ in protecting your identity and money. How to Protect Your Identity Make sure you sign […]

Continue Reading »

What Self-Employed People Need to Know about Buying a Home

February 19th, 2018 | Author:

[A]ll people are not created equal, at least not when getting a mortgage. A person at a traditional job will generally have an easier time getting approved for a home loan than someone who is self-employed. What many who have taken the leap to being independent contractors, freelancers or self-employed don’t know is that getting […]

Continue Reading »

How to Pick a Credit Card

February 14th, 2018 | Author:

[T]here are so many credit card offers available today, it can be difficult to select the best one for yourself. You may get overwhelmed at the offers that come in the mail or your email. You only want one or a few cards, so you don’t want to pick the wrong one. Here are some […]

Continue Reading »

How to Build an Emergency Fund

February 7th, 2018 | Author:
h

[W]hen you’re struggling to pay bills, it can seem impossible to get ahead. Even if you have made it your goal to start saving money or open a savings account, it may seem unachievable if you can barely make ends meet. However, it is essential to create an emergency fund even when it seems like […]

Continue Reading »

First Lessons to Teach Kids about Credit

February 5th, 2018 | Author:
h

[Y]ou hear all of the time about teaching lessons to kids on money, but not as much specifically on credit. However, credit is just as much a fact of life in today’s society as other financial tools, and kids should start learning early about it. What Credit Is The first lesson for kids is to […]

Continue Reading »

Credit Terms You Should Know

February 2nd, 2018 | Author:

[W]hen reading about credit or even viewing your credit report, you may stumble upon some terms you’re not familiar with. It’s important to understand these terms, so you can get a complete picture of your credit health. FICO score – this is a credit score that is used by all three national credit reporting agencies. […]

Continue Reading »

3 Budgeting Apps to Help You Stay on Target

January 31st, 2018 | Author:

[I]t takes time to organize and track your budget. Most people don’t have that much time to sit at home in front of the computer or a budgeting book. Thanks to the numerous budgeting apps available, you can work on your budget from anywhere. Here are three to consider. Mint One of the most popular […]

Continue Reading »