If you pulled all 3 in January you'll have to wait until next January to pull another one, if you pulled only one, it's time to pull a report from another credit bureau.
If you see that post or didn't pull a report at all, here's a quick recap and you can read the full post here.
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An easy way to monitor your own credit (i.e. you don't have to pay someone to do that for you), is to pull a copy of your credit report every 4 months.
Federal law mandates that each of the credit bureaus provide you with one free credit report per year. There are three credit bureaus, so that means you can pull from one of them every four months. (If it's your first time pulling a credit report, experts recommend pulling all 3 at once, then in a year start rotating through each bureau.)
To do this go to annualcreditreport.com and click on the "request your free credit reports" button.
***DO NOT go anywhere else, you will probably end up getting charged for a credit monitoring service, your credit score, or something else.
Checking your credit report regularly allows you to watch for unauthorized accounts (Fraud, ID Theft), ensure that accounts which you've closed are actually closed, and see that your payments are being recorded correctly. Even if you have no debt, and no intentions of borrowing money you should still be checking your credit report.
One time a college professor (you can visit her blog here) told us to pull out a piece of paper and write down EVERYTHING in our wallet. When we were done with our list we were then to pull out our wallet and compare the contents to our list, the point being that if we didn't know it was there it shouldn't be there.
That store credit card you signed up for 3 years ago to get a great deal, but have only used once or twice since? Imagine if your wallet got stolen and you forgot that card was in there because you've forgotten you have it. You responsibly cancel all your other credit cards, but the thief can still max that one out.
If you don't know you have it, perhaps reevaluate whether or not you should have it.
2. Cancel cards you don't need and relocate items you need but don't use regularly
Place infrequently used items in a safe-deposit box, a safe, a locking drawer, or some sort of safe place.
These might include an HSA or FSA card, a debit card for a second account, a credit card you only use for large purchases, a store card, etc.
AND if you're still carrying your Social Security card in your wallet, STOP IT!
You're making yourself an easy target for identity theft.
Not your credit score, they're two different things.
A Credit Score is basically a grade of how you use credit that is available to you, it's only important to know your credit score if you're considering borrowing money.
A Credit Report is a record of your financial dealings.
It will show all the lenders who have extended credit or loans to you.
It will show whether you pay on time, the amount of your payments, the total amount of your loan or credit limit.
It may show current or previous employers.
It will show short-sales, foreclosures, bankruptcy and other matters of public record.
Federal law entitles you to one free copy of your credit report from each credit bureau every twelve months.
There are 3 credit bureaus
Experian
Equifax and
TransUnion
So that's a total of 3 reports per year.
If it's your first time pulling your credit report, the recommendation is to pull all 3 at the same time.
Look over all of them and make sure there are no errors.
If you've looked at your report before then it's a great idea to pull one report every 4 months, start with one credit bureau now and then in 4 months pull the next, and so forth until you're back to the one you started with, this allows you to regularly monitor your credit for errors or signs of identity theft, for FREE.
Many websites will give you access to your "Free" credit report and "Free" credit score, but you end up paying for credit monitoring. AnnualCreditReport.com is actually free. It is set up by the 3 credit bureaus to provide you with your Federally Mandated FREE access to your credit report.
DO NOT GO ANYWHERE ELSE.
Credit Card fraud is something I've read about, I've studied the laws, I've heard about it in the news, Target anyone? Heartbleed bug? I know there are laws to protect consumers, like me, against credit card fraud. Credit and Debit card companies like to advertise as if these low/zero liability laws are a benefit specific to their card.
However, I don't think I really believed that I could actually be a victim until it happened.
I logged on to Mint.com to do some budgeting. I login about once a week to categorize transactions and see where I'm at budget-wise. That night I logged in, waited for my accounts to update and then went in to categorize, the first thing I saw was a pending transaction from two days before in the amount of $402 at PetSmart. I haven't set foot in a PetSmart in at least a year, and I'm not sure I've ever made a purchase there. My stomach dropped. I know there are laws protecting me from unauthorized charges to my card, I also know that these type of things can be a big hassle, hours of phone calls, paperwork, waiting for charges to be reversed, I was devastated.
All in all the ordeal went quite smoothly, within 5 minutes I was on the phone with my credit card company informing them of the unauthorized charge (and
texting my husband to make sure he hadn't just purchased a bird, two
fish, and adopted a puppy), I was told I couldn't dispute a pending transaction. When I explained that I absolutely hadn't been inside ANY pet store within the last year, that I do not even OWN a pet, and that I was positive my info had been stolen somehow, but that my card was still inside my wallet, they quickly filed the dispute and cancelled my card. That phone call took about 10 minutes.
All the legitimate charges from my previous card were transferred to the new one, and less than 48 hrs later I had the new card in hand. Then I checked my account online about every 2 days until two LONG weeks later, I saw that the charge had been removed.
What I did WRONG...
I didn't put it in writing.
I should have written a follow-up letter(sent by certified mail) or e-mail(with a read-receipt) to document that I had notified them so that if for some reason they tried to hold me responsible for those charges I would have a legal case against them. Every time money is involved keep a paper trail.
Why I Prefer Credit Cards Over Debit Cards:
If the charge had been made on a debit card the money would have been gone. Instead of just waiting for the charge to be dropped, I would have been waiting for the money to be put back into my checking account. Depending on the day, that missing money could have made me late in paying bills, short on my house payment, or without enough money to buy groceries. Those situations could have resulted in expensive late fees, high interest loans, or overdraft fees.
Now, hopefully I have an emergency fund that would have saved me, but what if I hadn't noticed immediately and they had maxed out my card; or with a debit card, drained my checking account and even sent me into overdraft?
This does NOT mean that every person should use a credit card. If credit cards are a temptation for you to go into debt, STAY AWAY. The expenses incurred from a one-time incident like mine would still be smaller than racking up credit card debt and paying interest every month. Every situation is different.
If you stick to a budget and are good at exercising self-control so that you don't end up carrying a balance on your credit card, then a credit card can be a great tool and a protection against financial damage from fraud.
For more information about Lost or Stolen Cards and the laws that protect YOU, visit the Federal Trade Commission Website here.
