What A 3-Credit Report Can Do For You

Credit Report

A 3-credit report is a very useful item to have. If you need to know your financial status, you can find out by using a credit report. Credit report helps you to make sure you are doing well financially. It consists of data from 3 major credit bureaus. These are Equifax, Experian and TransUnion. The reports from these 3 bureaus will show just about everything from you applying for a credit card to taking out a mortgage. Everybody is entitled to obtain a copy of their own 3-credit report. These credit reports normally costs around $25 on most sites on the Internet.

One of the biggest concerns that many people have now is that of identity theft. Checking your credit report is a surefire way of preventing identity theft. Any time a person uses your private information in a fraudulent manner your identity is being stolen. Your identity can be stolen using your account number, driver’s license number, social security card or health insurance card. Identity theft is one of the fastest growing crimes in America. Millions of people have their identity stolen every year. Once someone has stolen your identity, they can do almost anything with that information. They can rent an apartment in your name, or run up your credit card bill. The identity thief can also run up a huge phone bill in your name, and never pay a penny on it. Anytime somebody even applies for credit under your name it is reported to at least one of the relevant agencies. If you notice any accounts or loans or any other sort of information that isn't correct, you will need to contact the creditor in question and make sure the account is closed. You certainly don't want somebody else's mistakes bringing your overall credit rating down.

A 3-credit report can also help you in finding cases of mistaken identity. With so many people applying for credit and taking out loans, cases of mistaken identity are bound to happen. Mistaken identity makes credit checks and applying for credit a little more difficult, as well. Mistaken identity occurs because so many people often share the same first and last names. A case of identity theft can just as easily be a case of mistaken identity. To avoid mistaken identity incidents in the first place, pick your given first and last name for credit cards and credit applications. Be sure to include a middle name or middle initial for further identity clarification. When using a credit card or applying for credit, using a nickname or shorter name might not be the best idea. Nicknames make your personal information harder to find and that others may share that shorter first name and last name. More often than not, mistaken identity issues can be easily remedied by contacting the credit reporting agencies to have the information corrected.

Another issue to consider is the missing portion of your credit report. An annual credit check can help you identify the validity and completeness of information in the credit report. If your credit report appears incorrect, focus on portions of the report that might be missing. Check the names used on your credit report to ensure your identity is accurate and complete. The credit application company may not know that Cindy Smith is the same person as Cynthia Louise Smith, especially if you have used both names to apply for credit. A 3-credit report is even more thorough than viewing only one report on your credit. By the time you have a credit report from Equifax, Experian, and TransUnion you should have the complete picture of your credit rating in all areas.

Another consideration to take into account is the possibility of a forgotten account. Usually people don’t forget credit or accounts they have, yet it happens. A 3-credit report can help assist in finding a forgotten credit card. Maybe you had a savings and/or checking account years ago that you just stopped using and neglected to close. Perhaps you cut your credit card in half, paid the balance off and forgot to close the account. Credit can be enhanced by closing your unused accounts, though not always. Therefore, check with the credit report company to see if you are better off keeping that account or canceling it altogether.

A 3-credit report can be a very useful tool when making financial plans. You could have an account that is holding you back a little more than you originally thought. Upon viewing your record, you could decide to get an account in slightly better condition before applying for a loan or mortgage. In a lot of cases, your 3-credit report could even show that you are doing much better than expected. There is only one way to find out. Get that 3-credit report and find out all about your credit report