Test your credit IQ

Test your credit IQ
This time of the year, everybody is thinking about their
finances. Money is on our minds. So while you're rummaging
through your receipts and reviewing those W2 forms, add a
credit report to your list.

Why get your credit report right now? Making sure your
credit report is accurate can get you lower interest rates,
save you money and help protect you from identity theft.

Wow! A credit report can do all that? Well, yes. It's quite
a powerful financial record. The more you know about your
report, the better off you'll be when getting a
mortgage...buying a car...renting an apartment...even
getting a job.

Put on your thinking cap. Let's test your credit IQ.

True or false: You have 3 separate credit reports, and each
one can contain different information. True. Each of the
big three credit bureaus—TransUnion, Equifax and
Experian—keeps its own record on you and gathers
information independently. That means each report is
unique, and that can mean three different credit scores as
well. In order to get your complete credit history, you
should consider all three credit repots and scores. This
combines all your information in one easy-to-read report.

True or false: You only need to check your credit report
once a year. False. If you truly want to manage and
maintain healthy credit, you should check your report every
month or so. This allows you to ensure everything is
accurate and help keep your name safe and secure. And
ordering your credit reports online makes monitoring your
information a breeze.

True or false: Requesting your own credit report lowers
your credit score. False. A lot of people get this one
wrong. There is a difference between checking your own
credit and having a creditor check your credit. When you
check your own report, it does not harm your credit score

Whenever you apply for new credit, the creditor will
request a copy of your credit report, causing an inquiry to
appear. An inquiry from a credit application can impact
your score, so it's important that you apply for new credit
in moderation.

True or false: Most negative records stay on your credit
report for 7-10 years. True. Bankruptcies, collection
accounts and even late payments will stay on your report
for seven years or more. Positive records can stay on your
credit report longer. And don't be tricked into thinking
that a credit repair agency can remove accurate (or
inaccurate) information from your report.

True or false: Routine check-ups can help your credit
score. True. Making sure your credit report is accurate,
along with doing things like paying your bills on time and
keeping your credit card balances below 35% of their
limits, will help you maintain a healthy credit profile.

So how did you do? Even if you're not a credit whiz yet,
you'll look like a genius when you get lower rates on your
loans. It pays to be smart about your credit.

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TransUnion's TrueCredit.com has helped millions of
consumers manage their own credit health. TrueCredit
provides all the information individuals need to manage
their credit. TrueCredit.com products include online credit
reports, credit and insurance scores, credit monitoring,
debt management tools and identity theft insurance, all
designed to help individuals achieve greater financial
well-being, http://www.truecredit.com/