So you're thinking about getting your copy of a free credit report? The first thing you should
be aware of is that there's no single report that all creditors use when they check your
credit. Because the three major credit reporting agencies don't share credit files, your credit
report may be different for each agency. And while your copy of a free credit report attempts
to be complete and accurate, it may differ from your credit report from another agency.
There are many reasons why you should get your copy of a free credit report, but there are
two that make it essential. The first is to verify that all the information is
both accurate and complete. Although you'd hope that the agencies would be more careful in
their accuracy, they're notorious for mixing up the files for people with similar names or Social
Security numbers. In fact when the consumer group USPIRG, did a survey of credit reports, they
found that an alarming 70% of the reports had errors.
In addition to correcting errors, another important reason to get your copy of a free credit
report is to alert yourself to identity theft. Criminals have found that stealing someone's
personal information is both easy to do and easy to get away with. It's an easy crime to commit
because our credit system was not built around security but was instead built on making credit
available. Every copy of a credit card slip has the potential to be a stolen credit card number.
And every application that has your Social Security number on it would give a thief all he needs
to get documents showing that he is you.
The Federal Trade Commission tracks identity theft and they say the average victim doesn't
realize his personal information has been stolen until a year after the theft. At that point the
criminal has probably long since disappeared, but the damage done can be extensive.
Besides leaving numerous unpaid credit accounts, there also may have been crimes committed under
the victim's name. And this has resulted in innocent people being arrested after their identity was
stolen. The average reported cost to clear up your credit is $1,173 and it can take from several
months to several years. So getting your copy of a free credit report is cheap insurance.
If you'd like to check your copy of a free credit report for errors or other problems, please
go to
free instant credit reports.
