You can contact any of the three nationwide credit bureaus to request an initial fraud alert or active duty alert. Once you have placed an initial fraud alert or active duty alert on your credit report with one of the bureaus, that bureau will send a request to the other two bureaus to do the same, so you do not have to contact all three. By law, under the Fair Credit Reporting Act you are entitled to a free copy of your credit report annually from each of the three major credit bureaus (Experian, Equifax, and TransUnion). In addition, several.
Credit Scores and General Credit Information � The Facts You Need To Know
What is the Fair Credit Reporting Act, and how does it affect me?
The federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies such as Experian, TransUnion and Equifax. There are many types of consumer reporting agencies, including credit bureaus and specialty agencies (such as agencies that sell information about check writing histories, medical records, and rental history records). You must be told if information in your file has been used against you. Anyone who uses a credit report or another type of consumer report to deny your application for credit, insurance, or employment � or to take another adverse action against you � must tell you, and must give you the name, address, and phone number of the agency that provided the information. >> Learn more
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What are credit scores and why are they so important?
A credit score is a three-digit number that represents your total credit picture based on information contained in your credit files � including how respo nsible you have been paying your debts and bills, and the likelihood that you will meet your credit obligations. Your credit scores are based on many factors including your personal credit history, credit card accounts, and financial public records. Your scores are derived based on the credit information at the three major credit bureaus: Equifax, Experian and TransUnion. Your credit score is important because it tells a potential lender what kind of credit risk you are, which is why it�s important to know and understand all three of your scores. >> Learn more about your credit scores
What is a good credit score?
Credit scores typically range from 300 to 800 (depending on the scoring system), and your score could differ from bureau to bureau (Experian, TransUnion, Equifax), as creditors do not always report to all three. Typically, a good score is 720 or higher � meaning a lender will consider that person a low credit-risk in repaying a loan. You want the highest score possible to better secure a loan or a favorable interest rate. It is important to monitor your credit scores periodically. Checking your own scores will not lower your credit rating. >> Learn more about credit score ratings
Will my credit score be the same at each of the three primary credit bureaus (Experian, TransUnion, and Equifax)?
Not necessarily. Your credit score at each of the bureaus can vary, sometimes considerably (e.g. around 100 points). This can make the difference between being approved or denied for a loan, job, or new credit card. You never know which score a lender is going to check. This is why it�s important to know and understand your credit score and rating at each of the primary credit bureaus. If one of your scores is significantly different � either through error or omission of information � understanding the problem will enable you to address it directly with the bureaus (or bureaus) at hand. >> Learn more about the credit bureaus
Why should I monitor my credit scores?
Early signs of credit fraud and identity theft can often be spotted in your credit profile. The problem is that unless you check your credit information regularly, you may not be aware that someone opened a credit card in your name, or used your personal information to apply for a loan. That's why automatic monitoring of your credit files provides an ideal 'early warning' system, immediately alerting you to new inquiries, just-opened accounts and certain information. By monitoring your credit files, you could find out about these types of changes quickly, and take action as necessary. >> Learn more about credit monitoring
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What is identity theft, and how can reviewing my credit scores help prevent it?
Unexpected changes to your credit score and information can indicate identity theft or credit fraud. According to the FTC website: Identity theft occurs when someone uses your personally identifying information like your name, Social Security number or credit card number without your permission, to commit fraud or other crimes. Once an identity thief gets a hold of your credit card information for example, they can open another card for their use, even changing the billing address so that you might not know for months that they're racking up charges. Understanding changes to your credit scores � based on data at Experian, TransUnion, and Equifax � can help you identify and guard against potential identity theft and fraud. Significant changes to your scores can indicate signs of fraud and theft. >> Learn more about identity theft