Last time, I started going over the basics of the credit report with my Curious Mythical Reader (CMR). Let's listen in on the rest of the conversation:
CMR: So wait, what's in my credit report again?
KD: In addition to your personal identifying information (name, Social Security number, etc.), your credit report includes the following info for credit accounts you have opened or applied for:
- The type of credit you have (credit card, auto loan, student loan, etc.)
- Your credit limit or original loan amount
- Your account balance (or the total balance of your last statement)
- Your payment history (late payments stay on your credit report for seven years)
- Bankruptcies (these stay on your credit report for 10 years)
CMR: Are all parts of my credit history reported with all three of the credit bureaus?
KD: Not necessarily. Lenders may provide information to one 
, two or all three of the credit bureaus, so some of the information may show up on one of your reports but not another. You should therefore be sure to check your record at all three credit bureaus.
CMR: So shouldn't we really call it credit reports (plural)?
KD: Yeah, I guess you have a point.
CMR: Okay, I'll drop the semantics. So how often should I check my credit report?
KD: The common recommendation is that you check your credit report from each of the credit bureaus at least once a year. You should also check your credit report any time you are thinking about making a big purchase (buying a house or car) or investment (going to school) that would require you to take a loan. You want to make sure that there are no errors in your report. You also want to give yourself time to make any improvements to your credit that you can before applying for a loan.
CMR: Times are tough, and checking my credit sounds expensive. Can I check my credit report for free?
KD: Absolutely — in fact, you are legally entitled to check your credit report from each of the three credit bureaus one time per year FOR FREE. Yup, for free! Just make sure that you go to a legitimate free credit reporting website or go straight to the websites for the individual credit bureaus themselves. Be careful of websites and companies out there that claim to offer this service for free but then sign you up for another service with a cost. As with all things in life, be sure that you know what you are agreeing to!
CMR: What do I do if I find an error in one (or all) of my credit reports?
KD: If there is information showing on a credit report that you believe is incorrect, you should immediately contact the appropriate credit bureau(s) to try to get it corrected. There should be contact information listed on each report, so be sure to begin the process of correcting false information as soon as you learn about the error.
CMR: Thanks Kathy! You're the best!
KD: Oh, go on... No, really, go on...
CMR: Uhhhh, no.
KD: Gotcha.
Any Curious Real Readers (CRR) out there with questions, comments, concerns?
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