There are three major credit bureaus that accrue credit information by having deals with creditors such as stores, credit card companies, mortgage servicers who regularly report your paying habits to them
What Can A Credit Reporting Bureau Keep Track Of?
A credit bureau keeps extensive records on your financial
historyon its credit reports. A credit bureau may keep your information on file for up to seven years or more
Some of the information that credit bureaus track includes:Information about criminal convictions, bankruptcy, tax liens, and lawsuits against you.
Personal information including social security number, addresses (past and present), employers (past and present), spouse,
telephone numbers. Loans and account information dating back years.All open credit accounts, car loans, mortgages, home equity loans contain detailed information about your payments - whether they were on time or 30, 60, 120 or 180 days late. Any bills that went to collections agencies will also appear on your credit report.
In theory all three credit reports should be virtually
identical but in fact, there are often major differences between reports on the same individual.
One of the reasons is that creditors and other information
sources like department stores or utility companies don't always report to all 3 credit bureaus.They may only send a report to one of the credit bureaus. There is often incorrect or outdated information contained in one report that doesn't appear in others. For example, a credit bureau may confuse the name of one person with another and thus insert a report into the wrong credit file.
Names, social security numbers, addresses, employers, and other personal information can be easily jumbled, leading to errors in credit reports. People with Jr. after their name, people with very common first and names like Sue Smith or Bob Brown, and women who have marriedand changed their name often run into problems.
That's why it's very important to periodically check your credit reports...If you notice any variations, you should take a
closer look for errors. It's your right to contest any errors that you believe were made in your credit report.Contact the credit bureau right away to start an investigation. The process is free.
It is important that you know precisely what information the credit bureau reports about you. You can find out when your check your credit report.
You can request a copy of your free credit...by writing, or doing an Internet search. You have the legal right to
see your report from all 3 credit bureaus once a year.
But most professionals recommend checking your report twice a year.
So stay up with your credit report - from each bureau at least once or twice a year, depending on how active your use of credit is.
Whenever you have property liens, court judgments or Federal, State, County or Municipal tax problems, they will be reflected on your credit report, too.
At our home we set up a time each year to get the credit reports, review our 401K's and IRA's for rebalancing, forecasting taxes we may have to pay and adjust our withholdings accordingly.
(An aside: It's also good to set up a 6 month schedule to check your fire alarm batteries, filters for heating/cooling, and a general look-about your home for signs of small problems - so you can fix them while they are still cost-efficient. And, every few years it's good to review your Wills, your Power of Attorney's, and your Medical Power of Attorney - which includes your end of life preferences.)
Identity Theft
If you have a problem with identity theft, you need to immediately contact the credit bureau and report it to them; then report the identity theft to your local police department, as well as the Federal Trade Commission and the credit holder - credit card company, bank, store, etc. if they aren't the ones that notified you.
Stay on top of the investigation with all the follow-up calls, whether it's your turn to call or not. It's your credit, your life and it's serious.
A Personal Example
Let me give you a personal example. In 2007 I got a call from a very polite, but insistent gentleman from Dell Computers. He said he was checking with me to make sure they had the right address in San Francisco for sending me the two new computers I had just purchased.
"What?!", I exclaimed loudly, "I haven't purchased any computers, and I don't live in San Francisco.
After some conversation he said he was from the Dell Identity Theft Division and they were suspicious of a purchase that had been made that day, using MY SOCIAL SECURITY NUMBER!
He told me to call one of the three credit bureaus, the FTC (since shipping was over state lines) and to file a police report, all of which I did immediately.
The gentleman also informed me that by informing one credit bureau, that bureau would contact the other two bureaus, and that I would immediately receive a 90 day alert on all my credit bureau accounts.
In addition, he said, if I filled out a report with the police and called the FTC, and notified the credit bureaus of this, when the situation was settled I would be eligible for a 7 year alert on my three credit reports. But, I would have to make sure to request the 7 year alert, which I did.
Now, if a large, or out-of-the-normal charge is made, I am called immediately by one of the bureaus. When I know I am going to be on a trip making out-of-ordinary charges, or order something costly, or unusual, I notify one of the bureaus, and they then notify the others.
It just seems like the "right thing to do", since they are busy, and they are giving me this free credit monitoring for seven years.
While, we are still very careful with our credit and identity, it's a wonderful service and gives me and my husband a great deal of comfort.
Equifax Credit BureauConsumer Fraud
P. O. Box 740241
Atlanta, GA 30374-0241
1-800-525-6285
http://www.equifax.com/
Trans Union Credit Bureau
Fraud Victim Assistance Department
P. O. Box 6790
Fullerton, CA 92834
1-800-680-7289
http://www.transunion.com/
Experian Credit BureauConsumer Fraud
P. O. Box 2002
Allen, TX 75013
1-888-397-3742
http://www.experian.com/
Federal Trade CommissionIdentity Theft Hotline
1-877-438-4338
www.consumer.gov/idtheft
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