How do I know if my credit report is accurate? Do credit bureaus really make mistakes on the credit history of different people?
You should periodically check your credit report – especially before applying for a major loan – to make sure it’s accurate. You’re entitled to one free copy of your credit report from each of the major three credit reporting agencies (Experian, Equifax, and Trans Union) each year. You’re also entitled to a free copy of your credit report if a company takes adverse action against you – such as denying your credit application. Go to annualcreditreport.com to order a copy of your credit report. Credit bureaus frequently make mistakes on consumer credit reports. Identity theft results in a large number of mistakes, as do merged files. Sometimes, banks and merchants submit inaccurate information to the credit bureaus. Credit bureaus sometimes allow access to your credit information to various companies for marketing purposes – a violation of federal law. Sometimes, bureaus publish obsolete information or fail to note that certain information on the report has been disputed by the consumer.
