ARTICLE: WHY YOU MUST CHECK YOUR CREDIT SCORE

Recent survey's have reported that four out of five credit reports contain errors which can seriously affect one's credit.  It is important to periodically check your credit score so that you are assured that when and if you need to apply for a loan or other forms of credit (rent an apartment, etc.) that your credit history will receive a favorable review.

At the present time the most popular reporting agencies are Trans Union, Equifax and Experian.  Be sure to check all three.  When checking your credit, you should request copies of all three credit reports as credit scores can be different between the reporting agencies.

You can access all three without cost, annually, by going on line to annualcreditreport.com and requesting your report.

Once received you should carefully review the report.  Frequently there is mis-reporting by companies, who on occasions report even your regular and current payments,  or report that accounts are active when in fact they have been closed.  Another concern is the reporting of bad credit for accounts that are not yours but are for someone with the same or similar name, or a mistake is made when entering the information into the computer system by transposing an account or social security number.  As a result, you are burdened with someone else's poor credit.

If you find a mistake you must challenge it immediately.  The website annual creditreport.com permits you to challenge any mistake on line.  You can also challenge a mistake by writing a letter to the credit bureau.  Your letter must provide complete personal information, including your social security number, the account numbers that you are contesting, and a complete explanation of why the information is incorrect.  We also suggest that you send a copy of the letter or a similar letter to the reporting company.  Under the current law a credit bureau must respond within thirty days.

Again, to be sure that you are viewed in the best possible credit light, it is important for you to be proactive and to  check your credit annually.