How to Monitor the Three Bureau Credit Reports

Monitoring your three credit reports is essential to maintain a good credit standing, or to rebuild your credit if you've experienced setbacks. At a minimum, monitor your credit reports yearly. However, daily, monthly and quarterly monitoring is also available. Depending on the level of monitoring you desire, you might be able to do that yourself for free, or it might require the use of a company.

Instructions

1

Obtain a copy of one of the three credit reports through annualcreditreport.com. Consumers are legally allowed one free copy of Equifax, Experian and Transunion reports each year. Instead of ordering all your reports at one time, order them spaced out at four-month intervals. Go through each account line by line and ensure that every piece of information listed is correct. Double-check balances and recent payment dates against your records. Occasionally a creditor might omit updating the balance after a payment is made, resulting in a higher utilization ratio that lowers your credit score. Each piece of information must be correct, no matter how insignificant it might seem.

2

Monitor your reports online via a website such as truecredit.com for daily alerts regarding critical changes to your reports. TrueCredit offers a free 30-day trial, followed by a monthly charge of $14.95. A similar service is available at myfico.com for $8.95 per month. Be sure to read the terms and conditions carefully before signing up for any service. Some websites will try to sell you an inaccurate score. Lenders use FICO scores; purchasing any other score is a waste of money. FICO stands for Fair Isaac Corp. and refers to its credit-scoring model.

3

Inspect the credit report for errors. Notify the credit bureau in writing if you notice anything incorrect or not belonging to you. Dispute errors on your credit report in writing. Online dispute forms can yield an automated result; the goal is to get your letter into the hands of a human at the credit bureau.

4

Continue monitoring your credit reports at your desired frequency. Use a calendar to remind yourself when to order your next report.