Credit Report

There are three agencies.
Although we say “credit report,” there are actually three different reports from three different agencies: TransUnion, Experian and Equifax. A potential creditor can pull any one of these reports or all of them. What’s on one agency’s report may or may not be on another one because just as your potential creditors can pull any or all reports, anyone reporting on your finances can report to any or all of the agencies.

You get a free report from each one every year.
Federal law requires each of the credit bureau agencies to provide you with a complimentary report each year. You can order through the government sponsored website www.annualcreditreport.com. You can also request a report individually from each of the agencies separately. If you want to, you can ask for a free report from one of the three agencies every three months so that you get regular reports throughout the year.

The roll-off date is from your last account activity.
For most negative marks on your credit report, the roll-off date is seven years. For bankruptcies, it takes ten years to roll off your report. One thing to remember is that it’s not seven years from the date from your account opened. It’s seven years from your last activity on the account. So if your account is five years past due and you make a payment on it today, you now have to wait seven more years for the account to come off your report.

It’s better to know than to not know.
Too many of us believe that not knowing what’s on your credit reports is better than knowing. They assume that it’s bad and leave it at that. But, everyone should know what’s there and consider handling any problems they may find there.