Each of the three major credit reporting companies create reports differently, so checking all three is important. Your credit report could contain erroneous information, which can translate into higher interest charges to borrow money and, if they are serious enough, can cause a lender to refuse credit. Any inaccuracies should be reported immediately to the agency that made the error. Here's how to contact the three major credit reporting companies:
- Equifax: (800) 685-1111 or www.equifax.com
- Experian (formerly TRW): (888) 397-3742 or www.experian.com
- TransUnion: (800) 888-4213 or www.transunion.com
This law entitles consumers only to a free credit report, not a free credit score. Your credit score is a translation of all the information in your credit report into a number. Lenders often use this number to set rates offered to you when you borrow for a home mortgage or a car loan, or even when you apply for an insurance policy. Many employers now also use your credit score to gauge whether you can handle responsibility when you apply for a job. Your credit score may be obtained from the same agencies for a fee ranging from $4.00 to $6.95 per agency. Note that your credit score is based on the information in your credit report. Therefore, it is important that you carefully review the information contained in your credit report. For more on credit scores, visit this Treasurer's Office article What Is a Credit Score?
The "Fair and Accurate Credit Transactions Act of 2003" is a result of the sharp rise in identity theft in recent years. Checking your credit history often is the best way to uncover and remedy identity theft. To learn about and address identity theft, visit Identity Theft at the Franklin County Treasurer's Office Web site.
Thank you to the Franklin County Treasurer's Office for much of this information.
