Keep in Touch with the Credit Bureaus: Know When to Check in

By John L. Fischer, Personal Finance Writer   

Sometimes being on top of your credit isn't enough; you may need to contact a credit bureau — or all three, for that matter.

Sure, you're solely responsible for your credit, but try not to overlook how important the three major credit bureaus are to your overall finances.

So when should you contact the credit bureaus?

• If you find a mistake in your credit report. Remember that a lot of mistakes result from simple human error, so don't panic. Just report it.
  
  If you suspect identity theft or fraud. Someone out there may have opened up an account in your name. Don't take chances if you suspect that someone else is using your identity or committing some kind of credit fraud.
• When you want to get a credit report. You can request as many credit reports as you want (anytime you want). Also, the Fair Credit Reporting Act (FCRA) requires each of the three major bureaus (TransUnion, Experian and Equifax) to give you a free credit report once every 12 months.
• If you want to request a credit score. You have to pay for it (usually between $10-15), although your mortgage lender can arrange to have the fee waived when you're buying a home.
  
  Remember that your credit score isn't actually part of your credit report; they are separate.
• If you're concerned over employer credit inquiries. Keep in mind that you automatically get a credit inquiry if you apply for a home mortgage, credit card or personal loan. But prospective employers checking on your overall credit is different.
  
  There are some exceptions (by industry), but you must give a prospective employer written permission to review your credit report.
• If you want to place a fraud alert in your credit file. Here's an instance where you only need to contact one of the bureaus. Contact one, and that bureau will contact the remaining two on your behalf.

Remember: Each of the three major credit bureaus is obligated to respond to your written questions. You don't have to fight all your credit battles alone.