Why is it important to check my credit report from all 3 credit bureaus?
It is important to understand that the three national credit bureaus (Equifax, Experian, and TransUnion) are independent of each other and do not share information.
Your personal and financial information that is contained in one of your files, may or may not be the same in another.
The three (3) bureau credit report helps you see how lenders see you, ensure the accuracy of your credit records, avoid ID theft, and complete the financing of your loan.
According to a study by U.S. PIRG, 70 percent of the credit reports have errors of some kind. Experts recommend checking your report with each of the three National Credit Bureaus to ensure that errors are easily identified. Your. three (3) bureau credit report will help you make sure that the information on your credit reports from each of the credit bureaus is accurate.
When lenders check your credit history, they can pull your credit report from any bureau(s). By checking all three yourself, you'll be prepared no matter which bureau(s) they go to.
The three (3) bureau credit report enables you to find inconsistencies in your credit history... While most of the information collected by the three bureaus is supposed to be the same, discrepancies do occur often times. The three (3) bureau credit report makes it easy to see these inconsistencies across your complete credit history.
The three (3) bureau credit report also provides protection against ID theft. False information on your credit report can be one of the first signs of identity theft or credit fraud. By checking your complete credit history from all three bureaus, you can reduce the risk that someone is using your identity to commit a crime.
Other Useful Information:
- A Summary of Your Rights Under the Fair and Accurate Credit Transactions Act of 2003 (FACT) – Your rights regarding your credit as a consumer.
- American Consumer Credit Counseling, Inc. – A non-profit organization offering confidential and professional debt counseling to consumers throughout the United States.
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