Identification

• The three major credit reporting agencies.
  
  Experian:
  Website: www.experian.com
  Phone: 1-888-397-3742
  Address: P.O. Box 2104
  Allen, TX 75013-0949
  
  Equifax:
  Website: www.equifax.com
  Phone: 1-800-685-1111
  Address: P.O. Box 740241
  Atlanta, GA 30374-0241
  
  Trans Union:
  Website: www.transunion.com
  Phone: 1-800-916-8800
  Address: P.O. Box 1000
  Chester, PA 19022
  
  Use the above to order a copy of your credit report.
  
  

Benefits

• Check your credit report yearly to keep on top of things. If you check your credit report from each of the three agencies, you will know if anyone has stolen your identity and made purchases. The reporting agency will then work with you to resolve the problem.
  
  Your report will also show late payments on accounts. Sometimes companies make mistakes. If you find one, the credit reporting agency will remove the late payment information after the company informs them of the mistake.
  
  Credit reporting agencies use a beacon score as a guide for companies that issue loans. Being aware of your beacon score will enable you to know which places to inquire about loans. Beacon scores range from 300-850. The higher the better as far as getting good interest rates go.
  
  

Risk Factors

• Buy at your own risk if you aren't aware of what's on your credit report. Credit reporting agencies make it easy to get a copy of your report. If you don't, you may find that you can't buy that new car or get a loan for a house when the time comes. Not knowing what's on your credit report leaves you and a distinct disadvantage from a buying standpoint.
  
  

Time Frame

• Know how long certain accounts stay on your credit report. Credit reporting agencies are allowed to keep negative information about accounts such as credit cards and late payments on your credit report for 7 years. Bankruptcy can show up on your credit report for 10 years.
  
  

Significance

• Take a proactive approach when dealing with credit reporting agencies. Knowledge really is power as far as credit reports go. Credit reporting agencies are the cornerstone for information that will make or break a loan application in many instances. Know where you stand.