Understanding Your Credit Report and Score

Presented by Mark Phillips

How much do you know about your credit?

If you haven't checked your credit report or score lately, say in the past 12 months or less, it may be time to give them a look, especially if you have a major purchase or life change on the horizon. A bad credit report or score could mean you face higher interest rates—or cost you a loan, a job, or an apartment—so it's important to understand what's in your credit report and how to improve your score. Reviewing your credit information is also a good way to identify signs of identity theft.

Order a copy of your report. At your request, each of the three nationwide credit reporting agencies—Equifax, Experian, and TransUnion—is required by law to provide you with a free copy of your credit report once every 12 months. The credit reporting companies have set up a central website, www.annualcreditreport.com, where you can access your credit report immediately.

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