Ask Dr. Don By Don Taylor, Ph.D., CFA • Bankrate.com

Missing: my credit history

Dear Dr. Don,
I have accounts open with various creditors: car, phone, etc. When pulling up my credit report I noticed many of these accounts do not show up. Therefore it looks as if I have no credit history. How can I ensure my accounts stay accurate on my credit report?
Shannon Saga

Dear Shannon,
You've brought up a really good point. The three major consumer reporting agencies -- Equifax, Experian and TransUnion -- are separate firms. Creditors aren't obligated to report your payment history to all three agencies. While national lenders typically do report to all three, there's no obligation for them to do so. Regional firms often choose to report payment histories to only one or two of the agencies.

The other side to this subscription service is the lender being able to pull a copy of your credit report and to receive a credit score based on that report. The lender may choose to use just one report and score to assist him in making the decision to extend credit. If you are denied credit, the lender has to identify which agency he used. You can then get a free copy of your credit report from that agency and review it for accuracy and dispute any erroneous items.

Since you can't force your creditors to report to all three agencies, you have to be a little more creative. Get a copy of all three reports or a combined report. What you'll pay for these reports varies based on your state's laws concerning consumer credit. In some states the reports are free while in others they're available at a reduced rate.

Full freight for a credit report is $9. Combined reports are usually more expensive than ordering the three reports separately. Since you're looking to see what's different between the reports, I recommend that you get the individual reports. Bankrate has a page with contact information for the credit reporting agencies.

Review the reports to see which one most accurately reflects your current financial picture. The next time you're shopping for a loan, before applying for credit, ask the lender which agency it uses in its decision process. Apply to lenders that use the agency that most accurately reflects your overall credit history.

-- Posted: Sept. 6, 2002