You definitely should order a 3-in-1, which includes information from Experian, Equifax, and TransUnion. Why a 3-in-1? The three CRA'S do not communicate with each other, so you actually have three histories. It is up to you to make sure that your financial histories are accurate, so you should get all three.
- Mistakes DO Happen
Do you know who has had access to your financial information? Do you know if the information they saw is accurate? According to a study by U.S. PIRG, 70 percent have errors of some kind and 29 percent contained serious errors like false delinquencies and judgements that don't belong to the consumer.
- You are applying for a bank card
If you are considering applying for a car loan, bank loan, or bank card, you will want tomake sure all information is accurate. Since each inquiry can count against your rating, make sure that your application isn't rejected based on mistakes.
- Co-Signed a Loan
If you have co-signed a loan for a family member or friend, their payment record will also appear. Make sure you know how you are affected.
- Mortgage-shopping
Before you start shopping for mortgage, take a look before the mortgage companies do.
- Renting
If you are going to be renting an apartment, especially in a competitive market, it is wise to have a recent copy. Most apartment owners or managers will want to check your references and financial information before offering you a lease
- Divorce
It may be combined with your spouse, and there may be certain transactions that you may not be aware of. If you get a divorce, notify the three major CRA'S that your status has changed to "single." Provide them with new addresses for both you and your ex-spouse. Specify that all accounts should henceforth be separate. Otherwise, transactions may be on the wrong spouse's account. The records could get tangled confused, especially if one of you were to remarry. Occasionally, one or both spouses may experience financial problems during the separation period preceding the final divorce, especially if marital assets are frozen during settlement negotiations. You will need a copy to review with your attorney so that you can accurately evaluate how your divorce will affect you financially.
- Fraud Monitoring
Someone may be committing fraud by using your identity and applying for loans in your name. CRA'S do not have to inform you of suspect items, so it's up to you to be vigilant. You should regularly check to make sure that all new inquiries and accounts are not fraudulent. Make sure all information is accurate and if you suspect fraud, contact your CRA and ask that they put a fraud alert on your file.
- Self-Employed?
If you have your own business, it is imperative that you regularly monitor your financial condition. The stronger it is, the greater your ability to secure the financing you need to properly build and maintain your company.
- Financial Planning
If you use a financial advisor, it is recommended that you check at least once a year and review it with him/her so your financial condition can be accurately assessed.
- Identifying information: includes your name, nicknames, current and previous addresses, Social Security number, date of birth, and current and previous employers. This information comes from any credit application you have completed, and its accuracy depends on your filling out forms clearly, completely and consistently each time you apply.
- Information: includes specific information about each account including the date opened, limit or loan amount, balance, monthly payment and payment pattern during the past several years. The file also states whether anyone else besides you (i.e. a spouse or cosigner) is responsible for paying the account. This information comes from companies that do business with you.
- Public record information: includes federal district bankruptcy records; state and county court records, tax liens and monetary judgments; and, in some states, overdue child support payments. This information comes from public records.
- Inquiries: includes the names of those who have obtained a copy for any reason. This information comes from the CRA, and it remains available for as long as two years, as per federal law
