Your Credit Report and Identity Theft Protection
It's not only important to monitor your credit reports on a regular basis to help ensure that you get the credit you deserve, it also can provide you with a "first line of defense against identity theft."
For example, you review your credit report and discover that your personal information has been changed without your authorization or you find a credit card inquiry or account in your name that is not yours. Both of these situations can be an indication that your identity has been stolen, and you may need to take immediate steps to file a report, contact the credit bureaus, and your creditors.
Learn More about Identity Theft and Steps You Can Take
Your credit report provides your credit history as it has been reported by lenders to one or more of the three credit bureaus, Experian, TransUnion, and Equifax. Let's see what information is typically contained in a credit report.
Personal Profile (Name, Address, Social Security Number, Birthday, Employment Info)
Credit Summary – An overview of your current and past credit status, including the total number of open and closed accounts in your name, the balances, and delinquencies.
Public Records – State, Federal, and County records on Bankruptcies, foreclosures, suits, wage attachments, liens, judgments, overdue debt from creditors/collection agencies, etc.
Credit Inquiries - A record of who has obtained a copy of your credit report. Inquiries remain on your report for up to two years.
The next step: How do all of the above items work together to determine your credit score, how can you monitor your credit report and score, and what are the steps you can take to improve your credit standing.
