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How Your Credit Report Identifies You

Your credit report - a type of consumer report - contains information about where you work and live and how you pay your bills. It also may show whether you've been sued or arrested or have filed for bankruptcy. Companies called consumer reporting agencies (CRAs) or credit bureaus compile and sell your credit report to businesses.

Because businesses use this information to evaluate your applications for credit, insurance, employment, and other purposes allowed by the Fair Credit Reporting Act (FCRA), it's important that the information in your report is complete and accurate.

You can't escape it. It will always precede you. It represents your reputation in the personal financial community. If it is solid, it can be one of your best assets. If it is damaged, it can be one of your biggest liabilities.

The sad truth is that the majority of Americans have never seen their credit reports, though their credit profile affects practically every aspect of their financial lives. Even more disturbing is that of those who have seen their credit reports, a significant number don't understand what they are reading.

Credit is not something to be feared, but rather a tool to build financial security. It is simply a different kind of investment portfolio.

As more and more Americans put their funds into the stock and bond markets, it is not uncommon to see people hunched over the morning newspaper, watching one of the financial news networks, surfing the net checking out their portfolios or doing research, or pouring over their monthly investment statements. Unfortunately, few, if any, people realize that were they to dedicate just a fraction of the time they spend reviewing their investments to working on the development of a credit portfolio, they would dramatically enhance their ability to build the type of financial security they are striving for.

Think of your credit report as the equivalent of an investment statement. But just as you can't know your entire financial picture without reviewing statements from all of your investment accounts, you will not see your entire credit picture unless you read a report from each of three (3) major credit reporting agencies (Experian, Trans Union and Equifax). Because just as Merrill Lynch doesn't share your account information with Etrade or Schwab, none of the three (3) national reporting agencies share information with each other. Therefore, simply seeing one, or two, credit reports may not give you the entire picture.

There is, however, a way to see your entire credit profile as reported by all three (3) bureaus one (1) report. It is known as a 3-bureau, or triple-merged, credit report. And, since it reports each credit account you have and indicates which credit bureaus report which accounts, you can finally see who knows what about you.

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Your Credit Report
A Free Copy of Credit Report  will help protect you and your family. If you haven't recently seen a copy of your credit report, it is recommended you obtain a copy of your credit report yearly. In just a few clicks of the mouse you can view your Free Copy of Credit Report online and protect your credit with our credit report service. There is no obligation and no risk for you.

Improve Your Credit
Although it is generally good to have established credit accounts, too many credit card accounts may have a negative effect on your score. In addition, many models consider the type of credit accounts you have. For example, under some scoring models, loans from finance companies may negatively affect your credit score.