Reading Your Credit Report

A credit report is a history of how you or your company borrow and then pay off your credit, including delinquency and bankruptcy. There are currently three main credit bureaus in the United States -- Equifax, Experian and TransUnion. If you own a home, have a credit card, lease a car, or apply for or use credit of any sort, this information is reported to one, two or all three of these credit bureaus.

In addition, they collect information on how timely you pay your bills, how often you are tardy, how frequently your credit is checked by companies and any changes of address, employment, or personal information.

By monitoring these reports closely, you will know when someone else is using your credit rating to their benefit. If an identity thief opens a new credit card or takes out a loan using your Social Security number, you will see it on your report. The quicker you spot the problem, the less trouble it will cause. Monitoring your credit report is the single most effective monitoring tool available to keep minor identity theft from turning into full-scale identity fraud.

Ordering Your Credit Report

Order your credit report from the first of three agencies (listed below). By law, you are entitled to one free report from each agency once a year. The easiest way to get a report is to visit www.AnnualCreditReport.com or call 1-877-322-8228 1-877-322-8228. Make sure that you request your free annual credit report from one credit agency only, as you will order the other two reports throughout the remainder of the year. By spreading the reports out over time, you will be monitoring your files consistently and frequently.

Be prepared to have your account information handy. Even when applying for your free credit report online, you will reach a screen that instructs you to call in to "Confirm your Identity." The representative will ask you a series of questions that range from your current and past addresses, bank and credit card account numbers, the date the accounts were opened/closed, mother's maiden name, and date of birth. They may also ask you the amounts that you have taken out in loans. Don't get discouraged by the process. This is just another way they are protecting your identity by ensuring they give this information out to the right person. And since you have initiated the call, you are in control of the flow of information.

Skip ahead 4 months from today on your calendar, and mark down the following information:

Request & Review Next Credit Report -- Return to www.AnnualCreditReport.com or call 1-877-322-8228 1-877-322-8228. The second time you request your report, choose a credit agency that you didn't chose the first time (e.g., if you chose Equifax first, choose Experian second, TransUnion third and back to Equifax one year from today).

Skip forward 8 and 12 months on your calendar and mark down which credit bureau you should request a credit report from. On month 12, you will be requesting the report from the same credit bureau that you requested it from the first time. If you use an electronic calendar, schedule this as a recurring event for every four months -- that way you will be automatically reminded every time you should review your credit. While ordering your credit report may not be the easiest or most hassle-free process, it is the MOST effective way to monitor identity theft and worth your time.

Equifax
P.O. Box 105788
Atlanta, Georgia 30348
Toll Free: 1-800-685-1111 1-800-685-1111

TransUnion
P.O. Box 6790
Fullerton, CA 92834
Toll Free: 1-800-888-4213 1-800-888-4213

Experian
P.O. Box 9554
Allen, TX 75013
Toll Free: 1-888-397-3742 1-888-397-3742

Reading Credit Reports

When you receive your first credit report, follow these steps:
1. Completely read through the e