How Do I Monitor My Credit Report?

Do you monitor your credit report regularly? When you consider that the information contained in your report is the basis of your credit score, and that any erroneous information could negatively impact this score, it is wise to look at your credit report on a regular basis. Also, finding and reporting unauthorized activity can protect you from fraud.

How to get a copy of your credit report?

Credit reports are generated by each of the three credit reporting agencies – Experian, Equifax, and TransUnion. Under the Fair and Accurate Credit Transactions Act (FACT Act) you are entitled to a free copy of your credit report from each agency once per year. This free report must be requested at www.annualcreditreport.com or by calling 1-877-322-8228.(You may also request a credit report directly from each credit agency at any time for a small fee, or at no charge if you request it within 60 days of having been denied credit.)

It’s important to request your credit report from all three credit agencies. Because each credit agency gathers your information and formulates your credit score individually, each report will contain different information. So, in order to view all of the elements in your credit file, you’ll need to see each report.

Monitor your credit report regularly

Review your credit report at least once a year. By ordering all three reports at the same time, you’ll get a complete picture of your credit record all at once. Another technique is to order a report from one agency at a time every four months. This way, if questionable information appears, you’ll see at least one report every few months instead of just once a year, and can act on it immediately.

How to report erroneous information on your credit report

If you find erroneous information on your credit report, contact each of the credit bureaus as soon as possible to correct it. You should receive a copy of the amended report within seven days of the changes going into effect.

Credit monitoring services

Many companies, including the three credit reporting agencies, offer services to monitor your credit report for you. Fees range from $39.95 to $150 per year. This service includes notifying you if any out of the ordinary or suspicious information appears on your report.

Whether you enlist the aid of a monitoring service or keep an eye on it yourself, it’s vital to monitor your credit report regularly to protect yourself from potentially damaging erroneous information and to catch fraudulent activity (such as unauthorized charges or new accounts that you did not open) as early as possible.

How to contact credit reporting agencies: