In simple terms, your credit report is like your “permanent record” in school.  But if you're not careful, this onecan really cost you. 

Consumer Credit Reporting Services or Credit Bureau Services are responsible for maintaining a log of all of your life in credit -- bills you pay (or not), loans you’ve obtained, where you’ve lived and more.  Information recorded at the credit bureau services can stay on your credit report for 7 to 10 years! 

Since the primary function of consumer credit reporting services is to keep accurate information about consumers, one would assume that they do a spot-on job of it.  This assumption would be wrong!  In fact, errors by credit bureau reporting services are quite common, and it falls on the individual to audit and correct those mistakes.  That’s why it’s important to get a copy of your credit report now to make sure no mistakes or incorrect data that could lower your credit score. 

Who are the Credit Reporting Services & Agencies?

The “Big-Three” Credit Reporting Services that you should be familiar with are Equifax, TransUnion and Experian.  Each Credit Bureau maintains its own data and there could be differences in information they report.  That’s why it is important to get a copy of each credit report now, and at least once a year. If you haven't done it recentely, get your credit report now.

Through the Fair Credit Reporting Act, you are legally entitled to receive a free (yes, FREE) copy of your credit report now, and once a year from the major credit reporting services.  You will need to jump through some hoops to get all three, but you can save a few bucks this way.

Contact Information for the Credit Reporting Agencies:

You can find the addresses and how to get your free credit report online at  TransUnion, Equifax and Experian.

Credit Reporting Services can play a big role in the types of loans and the financing terms you receive.  A few percentage points can equate to a lot of money.  At the end of the day, your credit report belongs to you. And ultimately, you are the one responsible for making sure it is correct.  So make it a priority—review your credit report now, get the errors fixed and take control of your financial future.