Check Your Credit Status Regularly

Credit reports are compiled by 3 major companies to evaluate how reliable you are as a consumer. Your credit score can affect your mortgage interest rate, the amount you pay for an auto loan, or even whether you are able to rent an apartment. Most mortgage lenders expect consumers to have a FICO (Fair Isaac Corp.) credit score of at least 680. By law, all 3 companies are required to provide you with one free report each year.

If your report contains errors, you must be given the opportunity to correct them.

The 3 companies are:

Equifax: www.equifax.com or (800) 685-1111.

Trans Union: www.transunion.com or (800) 888-4213.

Experian: www.experian.com or (888) 397-3742.

The companies have created a centralized web site at www.AnnualCreditReport.com. The service can also be reached by phone at (877) 322-8228.

Be aware that some web sites may seek to charge you for various other services in return for providing free credit reports. For example, I was required to pay a nominal fee to view my credit score.

A strategy I intend to employ is to request a free credit report from one of the 3 companies every 4 months – that way I can monitor my credit activity throughout the year to see if anything fishy is going on, or if my identity has been compromised.