If you're looking to buy a house or a car, or you're just looking to get a credit card, you'll want to know what's on your credit report so that you can save as much money as possible. Having a good credit score will allow you to get a low interest rate which could save you thousands of dollars in the long run. However, your Experian credit report may not give you the entire picture as far as where your credit score stands. Your Experian credit report is only one third of your entire credit report. That's right. There are two more credit reporting agencies that you should get your credit reports from. Only then will you get the most accurate depiction of your credit standing.
The Three Agencies
Your Experian credit report may have a few items on it but you'll want to contact the other two agencies and get your credit reports from them to see exactly who you owe and how much. The two other agencies besides Experian are Trans Union and Equifax. You are entitled to a free credit report each year from each of the three credit reporting agencies. So why won't your Experian credit report be enough? Don't all three agencies have your entire list of lenders and debt records? The answer is no, they don't.
How It Works
When you open a line of credit, such as opening a credit card, starting a line at a department store, buying a house or a car, or just getting a loan from a bank, the lender will report to one of the three agencies. Some companies only report to Experian while another may only report to Equifax. Now, some may report to more than one company and some companies may report to all three but just to be on the safe side, you should get your Experian credit report as well as your Equifax and Trans Union.
Only by getting all three reports can you truly know what your real credit score is, who and what you owe and whether or not you've been the victim of identity theft, which some don't find out until it's much too late. Some people get their Experian credit report and think everything's fine only to find that their Trans Union or Equifax report shows thousands of dollars owed to a creditor that they don’t even know about. So get all three reports and be proactive about your credit.
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