Understanding MyCredit

Even though you may not have a credit card yet and are just heading off to college, you may be surprised to discover that you have a credit report. The source of information reported may be a checking/savings account, cell phone, gas or student loans.

Get A Free Credit Report

The three credit reporting agencies are Equifax, Experian and Trans Union. By law, they are required to offer you a free annual credit report. Request a copy from each agency annually at www.annualcreditreport.com.

Review and Correct Your Credit Report

The information provided through each agency is unique, so review all three reports. The reports will contain identity basics, credit history, public records and those who have requested a copy. Report all corrections to the appropriate agency as soon as you are able. This can be done at www.annualcreditreport.com or in writing to:

Experian
PO Box 2104
Allen, TX 75013-0949
1-800-682-7654
www.experian.com

Equifax
PO Box 740241
Atlanta, GA 30374-0241
1-800-685-1111
www.equifax.com

Trans Union Corporation
760 W. Sprout Road
Springfield, PA 19064-0390
1-80-888-4213
www.tuc.com

FICO Score

Lenders refer to a FICO Score which estimates a consumer’s ability to pay a debt based on information evaluated from the three credit reporting agencies. This information is not only used for lending; it is also used by insurance companies for establishing policy rates, and employers may use this information to determine whether or not you will make a responsible employee. Your FICO score may be listed on your credit report it; if not, it can be purchased for a small fee from: Fair, Isaac & Co. 200 Smith Ranch Road San Rafael, CA 94903 415-472-2211 www.fairisaac.com