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Not All Free Credit Reports Are Equal

By Ruth Racey
Published: Friday, January 15th, 2010

There are a lot of companies right now who actually offers consumers their free credit report. As expected, consumers are glad to have their personal copy of their report. Remember that one of the most effective ways in monitoring your credit card account is your personal credit report. This is because of the fact that your report includes a lot of valuable information that serves as an indicator for you to see whether you have maintained a healthy credit account or not.

In this case, personally going to the three main credit agencies, Experian, TransUnion and Equifax, may be not so convenient for some consumers. Therefore, a lot of them actually welcome such companies that offer you your free credit report.

However, the fact is that not all free credit reports may be of same benefit to you. This is because of the fact that not all reports are created at the same standards. Remember that when you are applying for a loan, you actually need a good credit rating, which is determined form the data that is present in your credit report. In this case, lenders actually refer to different credit agencies. Therefore, the most accurate report that you can get is a report that is consistent with the credit report that is given by all of the three main credit agencies.

This is the situation where not all reports are created equal. In fact, most credit reports actually do not include all of the reports that are given by Experian, TransUnion and Equifax. Most likely, majority of credit companies actually give reports that are consistent with only a single credit agency, and not from all of those three. In this case, this may render your report not accurate enough.

In this case, the best thing that you can do is to find for a credit company that is authorized by all three main credit agencies to give you your personal copy of your report. This will ensure that you will have an accurate report to refer to. Remember that there are a lot of instances wherein your report will be helpful; this includes when applying for a loan, applying for a mortgage, or even negotiating your interest rate. Therefore, you must be patient enough in getting the right and accurate for you. This will surely make the best out of your report, and will also make you monitor your credit account better.

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