Understanding Your Credit Report

A recent Forbes article provided good advice on interpreting credit reports. Three major reporting agencies, Equifax, Experian and Trans Union, dominate the credit reporting arena. Key issues for credit users are: insuring maximum accuracy, both in personal information and status of accounts past and present, checking each agency's report regularly (once per year recommended) and determining the level of past due accounts. A troubling feature--the reports usually show all parts of your credit number except the last several digits--a smart and industrious theif could steal your credit report, find an apparently harmless credit card receipt with only the last few digits showing (this is fairly common practice on credit card receipts) and combine the two to steal your credit card number.