Check your credit report

Equifax (www.equifax.com), Trans Union (www.transunion.com), and Experian (www.experian.com)are major credit reporting firms that sell credit reports to businesses, landlords, and others who want to know about a customer's creditworthiness or a job applicant's financial background. Errors in an individual's credit report can cause significant problems in finding jobs, renting apartments, and taking out loans. Errors in a business's credit report can cause significant problems in finalizing contracts and other business arrangements.

1. Look at the Web site of each of the three major credit reporting firms and try to summarize the specific information they have, their sources of information, the frequency with which this information is updated.

2. Look at the Web site of each of the three major credit reporting firms and find out whether and how you could obtain your personal credit report or your business's credit report to determine whether it contains any errors. Compare the policies of the three companies.

3. Compare the policies of the three firms related to correcting errors in a credit history if you or anyone else finds errors.

4. Based on what you see at the three Web sites, explain your view of the adequacy and acceptability of the current systems of collecting data, notifying people whose personal data is collected, and correcting errors.

Back to Internet and Hands-On Exercises

Main Page About the Book Student Resources Instructor Resources Contact Us