Question: How much difference do a few percentage points really make? How much money could my credit save me?

The answer to this question varies by individual, but over the lifetime of a consumer, one could potentially save tens of thousands or even hundreds of thousands of dollars!

Question: How do I check my credit report and credit score?

There are three main credit reporting agencies (CRAs), or credit bureaus, that maintain files on your credit activity. They are Experian, Equifax, and TransUnion. Since lenders may use any one or more of these three bureaus, you need to make sure that your credit information on all three bureaus is correct. Under the FACTA law, you are entitled to receive one free credit report from each of the three bureaus once per year at www.annualcreditreport.com However, reports do not come with a credit score, and they are delivered as separate reports. For convenience, you can compare your credit reports on all three bureaus by ordering a 3 in 1 Credit Report and Credit Score.

Question: Why aren't my three credit reports all the same?

Creditors will use different bureaus to file reports regarding your personal information, account history and balances, payment history, and much more. Since one creditor may file with TransUnion and another with Experian or Equifax - you need to review all three of them to get your total picture. It's important to note, too, that lenders will often use only one of the three bureaus in reviewing your application - so, again, you need to make sure all three are correct because you don't know which bureaus lenders will use!

Question: Is there a way I can monitor all three credit bureaus?

You can monitor key changes on all three of your credit reports through a monthly Credit Monitoring Service that sends you email alerts to notify you of changes on any one of your credit reports.

Question: How do I read these reports?

When you receive any one of your credit reports from the three credit bureaus, you will note that your information is separated into four basic sections.

You should review ALL the information in your credit reports to make sure everything is accurate, because any discrepancy could affect your credit score, or be an indication that you have become a victim of identity theft.

There are usually four types of information:

• Personal Profile: Your full name, any known aliases, current and previous addresses, social security number, year of birth, current and past employers, and, if applicable, similar information about your spouse.

• Credit Summary: The open and closed accounts you have with banks, retailers, credit-card issuers, utility companies, and other lenders (accounts are listed by type of loan, such as mortgage, student loan, revolving credit, or installment loan; the date you opened the account; your credit limit or the loan amount; the total balance on your accounts, any reported delinquencies, and your payment pattern over the past two years).

• Public Records: Federal, State and county court records on bankruptcy, tax liens, or monetary judgments. In some states, non-monetary judgments may also appear, such as overdue child support records. Public records remain on your credit report for a period of 7-10 years.

• Recent Credit Inquiries: The names of those who have obtained copies of your credit report. Inquiries typically remain on your credit report for a period of up to two years.

Question: What do I need to know about credit repair companies?

Many credit repair companies may advertise for your business saying, Credit problem, no problem", or We'll get rid of your bad credit, guaranteed," or Remove bankruptcies, liens, judgments, and collection items from your credit". All these may be tempting offers for individuals who are having credit problems, but the fact is, the majority of credit repair companies charge high fees for promising to do something that you can do for yourself. What's worse, many of them vanish with your money without doing a thing. For more information about credit repair companies, go to the following website: //www.ftc.gov/bcp/conline/pubs/credit/repair.htm

Question: What can I do if I find inaccuracies in the reports?

It is in everyone's interest that your credit reports accurately reflect your credit history and the three credit bureaus want your credit information to be as accurate as possible. If you have reviewed your credit reports believe that specific information or items may be inaccurate, you can dispute it online for the fastest resolution. The credit bureau(s) you contact is then responsible for researching and changing or removing incorrect data. This process may take as long as 45 days. At your request, a corrected credit report will be sent to creditors that you specify who have received your report within the past six months, or employers who have received it within the last two years. The three credit bureaus are listed below, along with the appropriate contact information:

Equifax
P.O. Box 105873
Atlanta, GA 30348
//www.equifax.com
(800) 685-1111

Trans Union
Consumer Disclosure Center
P.O. Box 1000
Chester, PA 19022
//www.transunion.com
(800) 916-8800 or (800) 888-4213

Experian
P.O. Box 2104
Allen, TX 75013-2104
//www.experian.com
(888) 397-3742