Monitoring Your Credit Report

admin — Tue, 28 Jul 2009 23:10:31 +0000

As credit scores become ever more vital in securing loans and financing, it becomes more important to monitor one’s credit thoroughly. Many, many companies offer to monitor individual’s credit for them, for a monthly fee. These fees can range from less than $50 to three times that amount. In exchange for this fee, the company will notify one to changes in credit score, and to any unusual or suspicious activity.

However, with a minimum amount of effort, anyone can perform the same task without having to pay out a monthly fee. There are three major credit reporting bureaus: Equifax, Transunion, and Experian. Each of the three offers one free credit report per year, upon request. To monitor one’s credit throughout the year, request a report from one of the three bureaus every four months. This gives you the opportunity to check your credit report frequently, and it also allows you to compare the consistency of each of the reports.

If you do find an error on your credit report, request to have it fixed immediately. Usually you will receive an amended report within one week.

You can find out more information at the credit reporting bureaus’ websites below. Each bureau also offers its own direct credit monitoring services, if you prefer.

Equifax: http://www.equifax.com/home/

Transunion: http://www.transunion.com/

Experian: http://www.experian.com/

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Monitoring Your Credit Report