Your Credit Report

Financial transactions such as credit card applications and payments, installment loans, mortgage payments, tax liens, bankruptcies are reported to credit reporting agencies. The Federal Trade Commission oversees the nation's credit reporting agencies: , Equifax and TransUnion. Lenders consult these agencies when you buy a car, or apply for a mortgage loan. Your credit report may affect whether you get that loan and what interest rate you will be charged.

Get a copy of your credit report. "The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies - Equifax, Experian, and TransUnion - to provide you with a free copy of your credit report, at your request, once every 12 months" [http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre34.shtm]

You can even stagger your requests, for instance, in January request a copy from Equifax, in May request a copy from Experian, in September request a copy form TransUnion, and then the following January request a copy from Equifax, etc. These reports are available free by going to www.AnnualCreditReport.com.

Review your credit report.

• Is is accurate?
• Does it list credit cards not in your possession?
• Are your balances accurate?
• Have there been inquiries into your account that you don't recognize?

In addition to requesting your credit report from each of the three agencies, you may elect to "freeze" the report. This security freeze prevents other people and companies from accessing your file unless they have a prior relationship with you. This service is free to Maryland residents who are victims of identity theft, otherwise there is a $5 fee for each agency. See www.consumersunion.org/campaigns//003484indiv.html for more information and how it pertains to residents of different states.