Free Credit Reports Are Golden!

Fri, Aug 01, 2008 at 7:00:01 am PDT

Several years ago, someone first told me about my ability to obtain my free credit report through http://www.annualcreditreport.com. Since I thought it sounded like a good idea, I went ahead and logged on.

I smirked to myself when I noticed that the very first item listed in my credit history was a gas card my dad opened for me when I turned sixteen. Back then, that card represented my freedom. Basically, my credit history told the story of my life—or at least my spending. After checking my report, I logged on again and checked my husband’s. What I found there didn’t leave me laughing. Actually, it had the opposite effect.

On my husband’s credit report there was a delinquent account that had been in collections for years. To make matters worse, the account wasn’t really his. His credit had been compromised and we had to begin the lengthy process of having it corrected. The nightmare that ensued wasn’t fun, and the horrendous way we were treated by the collection’s agency that thought we were just trying to get out of paying a debt was humiliating. That delinquent account had been on my husband’s credit for ten years, and he had no idea.

Turns out my husband wasn’t the only person in my life with that problem. When my dad went to apply for a loan for his business, a bankruptcy filing appeared on his credit report. It wasn’t the result of identity theft, and instead was a clerical error—the real gentleman who filed for bankruptcy had a social security number that differed from my dad’s by only one number. Removing the bankruptcy from my dad’s credit history was a real headache for him and prevented him from locking into a decent interest rate on his business loan.

It seems like nobody wants to believe you when you claim that the information in your credit file is not your own. But the sooner you catch a mistake the easier it will be to resolve. Not enough can be said about the incredible value of a free credit report. By checking my husband’s credit on a whim, we were able to repair his damaged credit history before we needed to apply for new credit. Unfortunately, my dad hadn’t been told about the benefits of a free credit report and he suffered with a high interest rate as a result.

So, make the time today to visit http://www.annualcreditreport.com and check your credit so you can make sure that the only person spending in your name is you!