Cleaning Up Your Triple Credit Report?

Answer 1

Up to 25 percent of American consumers who apply for credit each year are denied due to inaccuracies on their credit report. In some cases, job applicants can be denied a new position if the hiring company does a credit report review prior to hiring and discovers an individual has failed to pay back student loans, for instance. In 2004, nearly 35 percent of American companies were verifying the credit histories of potential employees before hiring, according to the Pew Safe Banking Opportunities Project. So before you apply for any type of credit, or apply for a new job, it's a good idea to obtain and clean up your credit report ahead of time.

First, it's important to understand that your credit report is actually a triple credit report – it is a credit report obtained from each of three credit agencies:

Equifax

Experian

TransUnion

In the United States, these are known as the 'big three' and each share information. Each is available through a toll-free number and can be found using a simple web search. In the United States, each consumer is allowed a free credit report from each of these agencies at least once a year, or anytime you are denied credit, have been the victim of fraud, or are unemployed.

To obtain your credit report, you can contact each of the agencies and give them your identifying information and you'll receive your credit report. You can do this by mail, by telephone, or by using an online form; however, it is important to verify that you are actually on the credit reporting site and that you are browsing securely before typing in your personal identifying information as some shadow sites have been used to steal people's identities.

Once you've obtained your credit reports, scrutinize them for any misleading or incorrect information. If you discover mistakes in any of your reports, fill out a request for investigation, which can be found on the website of the credit agency or will usually be sent to you with your credit report. Send with the form a detailed explanation of the error, any supporting documents such as statements, receipts, canceled checks, and the like, and include your signature. If you don't have the supporting documentation, it is within your rights to contact the creditor and ask them to send it.