It's important to review a copy of your credit report at least annually. Unknown errors, omissions, and outdated information can end up hurting your ability to obtain credit and will cost you more in higher interest rates, higher insurance rates, higher utility deposits— you'll pay more for everything! Negative information could also cost you a new job! The first step is to know what's being reported about you by reviewing current copies of your Credit Reports from all 3 nationwide consumer credit reporting companies— Equifax, TransUnion and Experian. You can't correct or improve your credit without first knowing the facts. If you find errors on your credit report, there are ways to correct the false information. On the other hand, it is also important to understand that no one can legally change negative information on your report— IF that negative information is TRUE. Legitimate credit repair companies can help you correct false information and save you time by getting mistakes corrected on your behalf, but if you've paid late, defaulted on a loan, filed bankruptcy, etc. this negative information cannot be deleted from your file by anyone. The first step is to know for sure what's on your credit report and immediately correct any errors or false information you find. You also may want to consider enrolling in a credit monitoring service such as LifeLock or Trusted ID. When you do, you'll be alerted to changes in your credit file which can help you prevent identity theft and correct errors if they happen.
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