Why Do I Need to Know About My Credit?

Before buying a car, it's important to find out about your credit score. That will help determine who will lend you money, the interest rate you qualify for and how much you can borrow. The best way to determine your credit score? By reviewing your credit report.

The Big Three: A Guide to Credit Bureaus

There are three major credit bureaus that put together credit reports. And while their functions are all basically the same, they don't always have all of the same information. It's important for you to know what each credit bureau knows about YOU. And it's now easier than ever to access this information. Each agency allows you to order an individual credit report from their website or for an additional (but nominal) fee you can order all three reports compiled into one easy-to-follow print out.

Here are the three major credit bureaus:

Equifax
P.O. Box 740241
Atlanta, GA 30374
To order report: 1-800-685-1111
To report fraud: 1-800-525-6285
Web site: www.equifax.com

• Get 3-in-1 Credit Report for just $29.95
• Include FICO score with 3-in-1 Credit Report just $39.95

Experian (formerly TRW)
The largest of the three major credit-reporting agencies
National Consumer Assistance Center
PO Box 2002
Allen, TX 75013
To order report: 1-888-397-3742
To report fraud: 1-888-397-3742
Web site: www.experian.com

• Get 3 Bureau Credit Report and FICO score for only $34.95

TransUnion LLC
Consumer Disclosure Center
P.O. Box 1000
Chester, PA 19022
To order report: 1-800-888-4213
To report fraud: 1-800-916-8800
Web site: www.transunion.com

• Get 3-in-1 Credit Report with free FICO score for $29.95

How to Order Your Credit Report

To order your credit report, visit any of the websites listed above or call their toll-free numbers. Each website offers a wealth of resources including articles, tips and advice on credit-related matters and the ability to dispute inaccurate information online.

Free Credit Reports

There are several websites that offer consumers a copy of their credit report for free. CreditReporting.com and OnlineCreditInfo.com are two of those sites. To get your free report, visit one of those sites, sign up for your free report and select whether you'd like to receive your report by mail or email. You may be required to sign up for a free trial membership on the site, but as long as you cancel within 30 days, you will not be charged.

One More Thing About Credit Inquiries

Did you know that every time you apply for a line of credit, an apartment, a home loan or even certain jobs, those companies run a credit check? Keep in mind that these inquiries lower your credit score. However, running a personal inquiry on your own credit does not affect the score, so don't be afraid to check your report every six to twelve months. And be proactive about disputing inaccurate information. After all, your credit is a valuable tool for your financial future. And it pays to be informed.