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Credit Reporting Articles

What is a Credit Report?

August 24, 2008 | Credit Reporting | 1 Comment

A Credit Report provides information about a persons credit collected by the credit bureaus (Experian, Equifax, and TransUnion) and by consumer reporting companies. Credit card companies, banks, and lenders buy credit reports to analyze consumer credit and payment history.

  • Open and closed credit cards
  • Past collections
  • Home loans
  • Auto loans
  • Student loans
  • Monthly utility bills


Credit Reports will also list companies that have accessed your credit report called a credit inquiry.

With this information lenders and banks determine whether a potential customer will be denied or approved and if approved, the interest rate charged. Typically the lower you credit score, the higher the interest rate charged if the loan is approved.

Related post: Why Do Companies Offer Free Credit Reports?

Why Do Companies Offer Free Credit Reports?

August 3, 2008 | Credit Reporting | No Comments

There are numerous websites offering Free Credit Reports with the hopes of selling credit monitoring services to monitor credit reports for any changes that may affect someone’s credit score and help protect against identity theft. Credit monitoring costs from $10 to $30 per month depending on the level of service and features. Most companies will offer free credit reports along with a free credit monitoring trial to see their credit report and how their monitoring services work.

Consumers can get a very simple version of their credit report, but not their credit score or a free credit monitoring trial, but visiting AnnualCreditReport.com. AnnualCreditReport.com, created by the passing of the Fair and Accurate Credit Transactions Act (FACT Act), does offer some credit report data, but not always as complete and comprehensive as a more traditional credit report from a credit bureau. AnnualCreditReport.com doesn’t offer any credit monitoring.

Below are several companies offering free credit reports and credit monitoring trials:

ConsumerDirect offers consumers free credit scores as well as a free trial of there system called “Score, Fix & Lock” to help you control your identity. Membership includes all your credit scores (Credit, Auto, Insurance, Employment & Future Credit Score), fixing credit report problems, and locking your credit reports all using our simple point & click Action buttons. ConsumerDirect is linked to over 95% of Creditors in the United States to quickly fix credit report problems, ask your creditor questions, settle reported debts and recover from Identity Theft.

GoFreeCredit.com offers consumers a free credit report. It’s easy to use, and it costs nothing to apply. GoFreeCredit.com matches consumers with qualified professionals to help them borrow money, get out of debt and repair their credit. The site requires your personal contact information via an online lead form and uses your information to match you with the companies who can best help you.

FreeCreditTrack.com allows you to easily and instantly see your credit reporting history by connecting you with one of the three national credit agencies, Experian, Equifax, and TransUnion. FreeCreditTrack.com also matches consumers with qualified professionals to help them borrow money, get out of debt and repair their credit. The site requires your personal contact information via an online lead form and uses your information to match you with the companies who can best help you.

Related article: Monitor Your Personal Information

Monitor Your Personal Information

July 26, 2008 | Credit Reporting | No Comments

Protecting your identity and credit in today’s world is extremely important. Your credit tells people about your character. Whether you are purchasing a car, a home or even applying for a job, your credit most likely will be checked to determine your character. Your credit score answers the question, “Are you the type of person that takes care of your personal and financial business?”

Unfortunately, many people only check their credit occasionally. By the time they find out there is a problem it’s way too late. They then have to go through the pain staking process of fixing the problem which also can be expensive. In some instances, they have to hire a lawyer or company to fix all the problems created by the criminals who stole their information.

Fortunately, there are several services that will monitor your information to alert you if there is a problem. The faster you find out, the faster you can stop the criminals from destroying your good name. Below we have listed a few companies who charge a nominal fee to instantly alert you should someone try to steal your identity or personal information such as your credit card or bank information.

LifeLock offers a proactive identity theft protection to protect your identity and personal information for only $10 a month. They guarantee their service up to $1,000,000. You may have seen their advertisement with their CEO showing his social security card number. LifeLock also offers identity theft child protection.

Equifax is one of the three personal credit rating companies (Experian and TransUnion are the other two) who offer a credit monitoring to protect you from fraud by monitoring and automate alerts. You can get alerts via e-mail and cell phone. Equifax offers a 3-in-1 Monitoring which makes it easy for you to monitor all 3 of your nationwide credit reports by alerting you within 24 hours of key changes.

TrustedID provides consumers with resources to manage and protect credit and personal information, and who has accessed the information. TrustedID helps family protection for unlimited adults and children, provides proactive scanning for personal and financial information, protection of medical identity, reduction of junk mail, warranty protection of $1,000,000 and free annual credit report.

Privacy Matters is a provider of credit management, identity theft protection and family safety products and services. The company has been around since 1998 offering credit reports and identity fraud reports.

Privacy Matters offers Privacy Matters 1-2-3 which lets members view and monitor their financial/credit information via their home computer and the Internet. Members have unlimited access to 3-in-1 Credit Reports and Scores from TransUnion, Experian and Equifax.

The company also offers Privacy Matters Identity which is a personal identity theft protection program. New members receive a free personalized identity theft security report to help assess their personal risk of becoming a victim of identity fraud and begin to take preventive measures to reduce their chances of becoming an identity theft victim. For ongoing identity theft protection, automatic ID theft monitoring scans thousands of public and commercial data sources and alerts members by email of potential evidence of identity theft.

Related Article: Why Companies Offer Free Credit Reports