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Identify theft is a real threat with increased use of the Internet.

With your CreditCheck report and Monitoring Service, you can prevent thieves from getting a free ride on your good credit. We check your credit every day, giving you peace of mind.

Experian is a leading credit bureau, and your direct credit report source. With this report you can see which information lenders are checking your credit. Now you can check your credit before they do. When you add your PLUS ScoreSM, you’ll receive tips and analysis to help you understand your credit worthiness. Register now for a copy of your free credit report.

What is a credit score?
A credit score is a statistical method of assessing your creditworthiness. This means how risky it is to lend money to you. If your number is high, it indicated a lower risk level. The number is based on statistical models using numbers from your credit report. This number is usually generated when a lender checks your credit, rather than on your credit file. Your report also includes a list of any other lenders who have checked your credit.
Your credit score changes as elements in your credit report change. A skipped payment or new account will change your credit score. You may have different scores, from perhaps a mortgage or car loan. The score will depend on which type of loan the lender is investigating and the type of scoring model used.

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Why are credit scores used?
Credit scores allow lenders to fairly access a borrowers credit. Without credit scores, lenders would have to manually look over a credit reports to determine whether or not to lend money. The lender may have made an error, or had a personal biased against the possible borrower. The credit score bypasses these complications. Your credit score simply reflects your ability to repay debt based on your credit history and the status of current debts.

Who uses credit scores and how are they used?
Any type of lender including credit card companies, banks, retailers, and care dealerships; any company who is in the business of lending money and recollecting the debt payment. Your credit report helps the institutions quickly assess your credit worthiness, rather than have to manually go through all sorts of reports. Other critical elements usually included in assessing a persons credit risk are income, the size of the loan, and the time line of the repayment.

What information is important to my credit score?
Besides the elements listed above affecting your credit score and credit worthiness include any total debt, recent inquiries by other lenders, all accounts including their type, number and age, and any number and severity of late payments for other historical or current debts.
Elements that credit bureaus are not allowed to use under the Equal Credit Opportunity Act include race, color, religion, gender, age, national origin, marital status, receipt of public assistance, or exercise of rights under the Consumer Credit Protection Act. Elements that are legal to consider include income, occupation and type of residence.

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What am I looking for on my report?
Credit reports can be confusing if you don’t know what you’re looking for. Below are some tips on how to make your credit report useful to you.

Why is my credit report important?
A credit report states the person’s payment history and other credit-related elements we mentioned that help lenders decide whether to lend the borrower money. This information is put together by credit bureaus that receive information on a regular basis that will affect your credit report. This may include a payment made or skipped, or the acquisition of a new account. Because the information is constantly refreshed, your credit report often changes accordingly.

What am I looking for?
It is important to look for any mistakes the credit bureaus may have made on your report. This is not uncommon, and may be due to human error, mechanical error, or taking information from other clients with similar names. However, these errors may also be due to identity fraud. Some areas you may want to give special attention to include personal information, public records, accounts, and inquiries. Make sure your name and address are correct. If there is an incorrect address change, this may indicate that someone is rerouting your bills to their address. Keep an eye out for bankruptcies, judgements or liens that are inaccurate. Specific account information to pay attention to include current balance, credit limit, payment dates and information, and the date the account was opened. If an old account is reopened this may indicate that someone is using the account other than you. Information included in the inquiries section may include information from your credit report given to possible lenders, recording of a new credit line, or the authorization given to an employer or insurance company to view your credit history.

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What Do I Do Now?
As long as everything looks okay, you shouldn’t have anything to worry about, credit wise. Start making a habit of checking your credit report to avoid costly mistakes made by credit bureaus, or worse, identity theft.

If you do happen to find a mistake, you can dispute it free of charge. Contact the credit bureau who is providing the information, and let them know where the mistake is on the report. Also request that the correct information be given to the credit bureau. If you think one of these mistakes is due to fraud, contact the credit bureau and put up a fraud alert on your report. Also contact your banks and credit institutions to put a hold on all your accounts.

Why is it Important I Check My Credit Report Regularly?
To avoid fraud in the early stages of attack. We can all scan our monthly statements for purchases we didn’t make, but what a new account you didn’t open? An identify theft can create large debts and leave you with the bill and debt collectors by opening a new account under your name. This is one of the many safety features of a credit report. By checking your credit report you can see if any new accounts were opened in your name and stop the thief in his tracks. Otherwise you may have debt collectors at your door demanding payment for a loan you’ve never heard of. By routinely checking your credit report, you can avoid this awful situation.

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To Become an Informed Consumer of Credit Services
By maintaining good credit more financial options will become available to you. You can apply, and most likely receive, a mortgage, car loan, and interest-reduced credit cards, all without any hassle. If you have not been responsible with your debt, these doors will be closed to you. With your credit report you will have a better idea of where you stand with potential lenders, and know what better to expect when applying for a loan or credit card.

Paying your bills in a timely manner is a very important part of maintaining good credit and ensuring you are a low risk borrower. Becoming familiar with your credit report is the next important step. By becoming aware of what’s involved in your credit score and what your credit report contains, you can handle your debt with responsible awareness.

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Studies have shown that mistakes on your credit report are common, and can affect your credit rating is a very negative way. They can prevent you from obtaining insurance, the smallest of loans, and even your next job. These inaccuracies are often simply due to human error. This is just another of the many reasons why it is important to regularly check your credit report. Protect your good credit and receive your free credit report today.

If you are having problems with lenders, you can check your report to find out which financial obligations are holding you back and start taking care of them. By taking steps to control your debt, you will become a low risk borrower and the financial doors will start to open. Having your credit report will also allow you to talk to a potential lender on even ground with the same amount of knowledge about your credit.
The facts on Credit reporting

Who maintains my credit record?
Most us have a good concept of credit; the responsibility one takes on when obtaining some type of loan. Having good credit includes paying your bills on regularly and on time. However, you may still have questions about your credit, and how exactly it affects you. It is important to understand your credit and the industry, and your credit report will help you do that.

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Credit Report FAQs

Defining a Credit Bureau
A credit bureau is an agency that compiles and distributes credit and personal information to creditors. This may include credit accounts, balance of accounts, credit or loan history, and history of employment. This information is collected and stored in a database. The information is then sold in the form of a credit report to lenders. When you apply for a loan, the lender that you wish to borrow money from will purchase at least one of these reports from a credit bureau to analyze the information and decide whether or not to lend you money. The lender is charged by the credit bureau every time they purchase a report.

Though credit bureaus distribute information to credit grantors, they aren’t actually involved in the money lending decision. It is up to the credit grantors to decide whether or not to lend you money. Since there are several credit bureaus and many smaller institutions reporting to them, your credit report may be different from one credit bureau to the next.

Your Credit Report
A credit report states an individual’s credit history. It is prepared by a credit bureau and used by credit grantors to determine a potential borrower’s creditworthiness. Lenders are allowed by law to view your credit report to determine whether to grant an applicant’s request to borrow money. Millions of people have credit cards, mortgages, and car loans. As each person pays their bills, the information is sent to credit bureaus. This information is added to the credit report. The companies that you do business with are the ones that provide credit bureaus with this information.
There are four types of information that is included in a credit report. These include credit information (banks, credit institutions you do business with, retailers, etc), public records (bankruptcies, monetary judgements, tax liens, etc), identifying information (name, address, SIN, etc), and inquiries made by potential lenders. If there are many recent inquiries on your report, this may be a sign to potential lenders that you are spiralling into bad debt.

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Your Credit Risk Score
A credit risk score is a statistical summary of the information contained in a consumer's credit report. A credit score is given to lenders by credit bureaus. The lenders then objectively decide whether or not to lend money to the client. The credit score makes this an easy decision, as it is a straightforward number based on mathematical calculations. The actual credit risk number may vary from creditor to creditor. They will take into account different factors such as risk level, marketing goals and business practices. Your score will also vary over time as your credit history increases.

Does a credit report include personal information?

No. It is unlawful to include such demographic information as race, religion, personal lifestyle and background, political standing or criminal record in your credit report.
How long Does Information Stay on My Credit Report?
Typically information such as bankruptcies will stay on your report for seven-ten years. However, positive information will remain on the report indefinitely. If you have closed an account, it will be removed from the report after seven years. Seven years is typical for any negative information as well. Credit inquiries usually remain on the report for 2 years.

Your Mortgage Report

If you apply to extend your home loan, a mortgage report is what creditors will review. The mortgage report is based on a compilation of credit reports. Mortgage credit companies will take your credit report and manually check it against the mortgage report. They will confirm information such as current place of employment, current debt, and public record information.

Your Employment Report
When employers make hiring and promoting decisions, they look at your employment report. This is a modified version of your credit report. It includes information on loans, credit cards, etc. Information not included in this report include marital status, year of birth and account numbers, as this may turn an objective decision into a subjective decision.
Who May Check My Credit Report?

Not just anyone can look at your credit report. Law stated certain stipulation to those who do have access to your credit report. You also have the right to gain copies of your credit report at a reasonable cost. Companies applying for your credit report must prove that they are obtaining the data for use under federal law.

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