The Big 3 Credit Report Agencies

Things You should know about the big 3 Credit Report Agencies

The big 3 credit report agencies are TransUnion, Experian, and Equifax. These credit reporting companies work independently, so what is reported to one of these consumer reporting companies by your creditors may or may not be reported to the other members of the big 3 credit report agencies. This can help you out if you have some bad things in your credit history that don't show on one of the big 3 credit reports, as you might be able to get credit from potential creditors that checks the one that gives you a good report.

But it can be a very big hassle for you to monitor for accuracy because you will need to monitor all three separately. You can buy reports from all of the big 3 credit report agencies in a package deal for about $24 typically so that you can check the accuracy of these reports. Or you can go to the government website and individually sign up for a report from each of these big 3 credit report agencies manually for free once per year.

Your credit reports are very important. You may not even be aware of all of the agencies and businesses that use your credit reports to determine whether to accept or reject you for business. You are probably aware that you can't buy a home or get a car on credit with a bad credit rating. You may even be aware that a mediocre credit rating will cause them to raise your interest rates on loans. But you may not be aware that even potential employers you interview with and insurance companies check one or more of the reports of the big 3 consumer reporting agencies about you before they make you an offer.

Identity Theft Report and the 3 Credit Report Agencies

But your 3 credit reports can also be very helpful to you if you know how to use them. For example, you will be able to quickly pick out if you are a victim of identity theft when strange things you know nothing about suddenly show up on your credit reports. Checking these reports of 3 fair credit reporting companies regularly can help you put an early stop to these problems.

Unfortunately, if you have been a victim of an identity thief, getting the inaccuracies about you removed from your 3 credit reports can be very time consuming and expensive, not to mention stressful. You may even need to hire a lawyer. Although it is completely the fault of the creditors who didn't verify the person's identity, the 3 credit report agencies for printing libel without verifying facts, and the government for using a weak social security number system, you will be the one who has to do all of the work and go through the hassle. In many cases they will all deny responsibility and put the burdens on you to prove them wrong just to clean up your credit report.

Improving Credit Scores

Having a good Fico score is simply about spending less than you earn. Use your credit cards regularly, but pay them off completely every month. Likewise, pay all of your bills in full every month and without any doubt you'll improve your credit score and get an excellent report from the major 3 credit report agencies. Read also Understanding Your Credit Score to learn more on how to improve your credit standing and to avoid any mistakes that can hurt it.