Debt Views

It is so important to your financial well being to keep track of what is being reported on your credit reports. There are three consumer-reporting companies. They are Equifax, Experian and Trans Union. Once a year for free, you can order your credit report from each of these companies.

Your credit report tells others about a prior bankruptcy, how you pay your bills, where you reside and if you have been sued or arrested. These facts are important if you apply for a job, insurance, credit to buy something or are planning on renting a home. It can make or break a decision a creditor makes.

One thing that you really have to be concerned with and watch out for is identity theft. Someone can pose as you and get a line of credit in your name by just having some of your personal information. Then when the person who stole your identity doesn’t pay the bills, it is reported on you credit report. This terrible information on your credit report can hinder you from buying what you want, being approved for insurance or landing that great job that you want.

Since your credit report can be ordered for free it is not something that you can pass up. When you order your report you will need to provide some personal information and they might ask you for some information that only you would know. For example, when I ordered one of my reports, I was asked how much my monthly mortgage payment was for. When I ordered it on the Internet I was able to print it out while I was on the website. But, if you don’t feel comfortable with that, there is a phone number that you can call and your report will be mailed to you in about 15 day.

You probably should order your credit report from all three credit companies and here is why. Not all of the credit reporting companies report the same thing all the time. There might be times when one credit card is on one report but not the other. It doesn’t mean that this report is true and the others are false. It just means that it wasn’t reported to all of the companies. Since you can order from all three companies for free than there is really no reason not to. Also, a very good idea is to spread out when you order the different reports. For example, in January order from Equifax, in April order from Experian and in September order from Trans Union. That way you are most likely to find identity theft on one of your credit reports.

Remember, your financial future is dependant on your credit report staying clean. Since you can request your reports for free I think you should take advantage of it.