07/10/2020
WHAT DOES YOUR CREDIT REPORT SAY ABOUT YOU?
The CRAs are not receiving their data from precisely the same sources. For example, one creditor can report your account details to Experian; another may report your account to The Equifax and TransUnion account information, and a third could report to all three CRAs.
One of your credit histories can present a serious problem that doesn't appear in your other two. The problem may be confusion, information obsolete,, or information incomplete. Therefore, if you apply for credit, jobs, insurance, and so on, you probably won't know which of your credit history will be checked during the process of evaluating your application. Hence, making sure all of your credit files are problem-free is critical.
Reviewing each of your credit histories every six months is a good idea because new information is continuously being added. You should also check them a couple of months before applying for substantial credit, housing, insurance, and so on, so you'll have time to tackle any problems before file your application. Chapter 3 discusses how to resolve problems with credit records.
GETTING YOUR CREDIT HISTORY FOR FREE
Although the Fair Credit Reporting Act (FCRA) states that the CRAs can charge you a reasonable fee for each copy of your credit history you order, under certain circumstances, you have the right to free copies of your credit reports. The Fair and Accurate Credit Transactions Act (FACTA), for example, gives you the right to get a free annual copy of each of your credit reports. It also gives you the right to obtain free copies of your credit reports when you are the victim of identity theft or believe in it.
The next two sections of this chapter will inform you how to order your free annual credit reports and the specific circumstances in which you are entitled to additional free copies.
First Home By: Mahyar Louie