Making Use of the Credit Bureaus

In this day and age with everything revolving around credit, it's a good idea to know who the credit bureaus are and how you can get in touch with them for your credit report and credit scores, or even to report identity theft.

The major credit bureaus are TransUnion, Experian and Equifax. They collect all information on a person like; social security number, address (past and present), how much you owe to a creditor (bank loans, credit cards, etc.), how many separate credit accounts you hold, if you have ever filed for bankruptcy or if you've ever had a lien or judgment places against your property. Once they have all of this information collected, they assign you a credit score which all credit card companies, lenders and most landlords will evaluate to see if you are trustworthy and have been responsible in repaying your open credit. You lower your credit score, the less likely you will be to get approved for some type of credit.

Typically, you would contact the credit bureaus to obtain a copy of your credit report for a few reasons...

If you need to know your credit score - say you are getting ready to apply for a bank loan to buy a house. Before you go see a lender, you can get a copy of your credit score so that you have a good idea if you will even be eligible. If your score is not above a certain level, you may as well wait and work on repairing some of your credit before you try to ask for such a large amount of credit.

If you suspect suspicious activity and need to check for identity theft. Have you been receiving calls from creditors because of unpaid balances that you had no idea about? You can check your credit report to see if someone has opened an account in your name and is making fraudulent charges. If there is an open credit line that your are unfamiliar with, have it investigated immediately.

If you need to know who is reviewing your credit. If you've recently applied for a loan or credit card you can request a copy of your credit report to see if they have reviewed your credit and credit score.

Once you've received your credit report you can review it. Sometimes credit bureaus screw up and you may be linked to a credit charge that isn't your own, or one that you cleared up long ago. You can contact the credit bureau to dispute something on your credit report and generally they will send out a letter to that creditor. The creditor then has 30 days to reply with a response to the bureaus inquiry or the open credit will be dropped from your credit report. Thus improving your credit score!

DO NOT pay an outside source for a copy of your credit report. There are a ton of companies on the internet that tell you that you can receive a free copy of your credit report, "just sign up for this monthly account protection service". There is no sense in paying for something if you don't have to, and believe me, you do not have to! Once a year you can contact each of the three credit bureaus and receive a free copy of your report. This is a law. If you need it more than once a year, yes, you will have to pay a small fee to the bureau, but you should never fall victim to a "buy this and get your report free" scam.

Here's how you can get in touch with each of the three major credit bureaus:

TransUnion customer service: 1-800-916-8800
TransUnion
PO Box 2000
Chester, PA 19022

TransUnion fraud report:
TransUnion Fraud Victim Assistance Division
PO Box 6790
Fullerton, CA 92634

Experian customer service/fraud claim: 1-888-397-3742
Experian
PO Box 2104
Allen, TX 75013

Equifax customer service: 1-800-865-1111, Fraud Claim: 1-800-525-6285
Equifax
PO Box 740201
Atlanta, GA 30374