Get Your FREE Credit Report
As a member of Memorial Credit Union Financial Institution, you should know that we rely on credit history data collected from Equifax in our decision making process when granting loans and credit. We use credit reports to provide us with credit information. The information in your credit report may affect how much credit we extend and the payment terms so it is important to periodically verify your credit history is accurate.
There are three main credit bureaus in the U.S. – Experian, Equifax, and TransUnion. The credit bureaus collect information provided by all of your creditors. We encourage all of our members to review their credit report on an annual basis and report any discrepancies immediately.
Credit Bureaus
Under the FACT Act, every consumer is entitled to one free credit report per year. A single online source makes it easy for consumers to request their credit report. To order, go to www.annualcreditreport.com or call 877-322-8228. This is the ONLY authorized online source for a free credit report from the three credit reporting bureaus.
Monitoring and reviewing your credit report can help protect you from identity theft and ensure your report is accurate. An inaccurate report could have a negative influence on a creditor’s decision to grant you credit.
There are four sections to a credit report:
1.Personal Information
This section includes your name, current and previous addresses, Social Security number, telephone number, date of birth, and current and previous employers.
This section includes your name, current and previous addresses, Social Security number, telephone number, date of birth, and current and previous employers.
2.Credit History
This section includes a listing of all the credit accounts you have had in the last 10 years. It also shows how you have managed financial obligations, such as retail credit cards, loans, mortgages, and Financial Institution/bank credit cards. Each entry in this section includes:
This section includes a listing of all the credit accounts you have had in the last 10 years. It also shows how you have managed financial obligations, such as retail credit cards, loans, mortgages, and Financial Institution/bank credit cards. Each entry in this section includes:
- Account number
- Creditor’s name
- Amount borrowed
- Amount owed
- Credit limit
- Dates when the account was opened, updated, or closed
- Timeliness of payments
- Late payments (noted as a negative activity)
3.Public Records
Any liens, bankruptcies, and/or court judgments, including child support judgments, will be listed in this section.
Any liens, bankruptcies, and/or court judgments, including child support judgments, will be listed in this section.
4. Inquiries
Any party that has requested a copy of your credit report will be listed under “inquiries.” If you notice an inquiry for credit that you did not apply for, check to be sure credit wasn’t issued. If it was, contact the credit issuer right away. This could be a sign of identity theft. Other inquiries may be for promotional purposes or account management issues. These inquiries are not counted as official inquiries and do not go against your credit score.
Any party that has requested a copy of your credit report will be listed under “inquiries.” If you notice an inquiry for credit that you did not apply for, check to be sure credit wasn’t issued. If it was, contact the credit issuer right away. This could be a sign of identity theft. Other inquiries may be for promotional purposes or account management issues. These inquiries are not counted as official inquiries and do not go against your credit score.
If any information is unfamiliar or inaccurate, file a dispute right away with the credit bureaus. They are required to investigate and respond to you in a timely manner.