When you look forward to dive into fixing your credit reports, you would be able to view the differences in the credit reports of three bureaus. As all three credit bureaus keep their own client database, chances are there would definitely be differences on all of them. Your credit reports may not even be standardized. The different banks and lenders would check different reports. Therefore, if two out of three of your reports are clean and your mortgage has been checked against the one that is not, you would be in a bit of fix.
What should you do?
When each of your different credit bureaus has separate information, it would reinforce the fact that you should keep a copy of all three-credit reports on regular basis. However, that is not the case with most people. They would not know which credit agency would be checked by your lender.
Need for credit monitoring service
It would be pertinent to mention here that a good credit monitoring service would be of great help in such a situation. They would alert you in the best possible manner. The alerting feature would email you as and when it notices any significant change happening on your credit report. The alerts could be good or bad.
Protecting you from identity theft
A number of services would enable you to monitor any kind of changes happening in your three credit bureaus. It would be a great mode of protecting you from identity theft. In addition, you would be able to keep a check on your FICO score. It would be pertinent provided you intend to avail mortgage in the near future. Moreover, if you have been searching for mortgage loan or auto loan, you should be aware if anything changes on your credit score. Advance knowledge on your credit score would help you before actually submitting paperwork to the financial institution or bank.
What is identity theft insurance?
Very few credit monitoring companies would have identity theft insurance. Based on the kind of monitoring service, if any person actually steals your identity, you would be able to receive a significant amount in damage coverage. It is an awesome feature, especially with the unease of shopping online.
A good credit monitoring service would let you watch your credit report on all three major credit bureaus. You would also be able to see your individual credit score with agencies and overall FICO score.
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