Can I Get A Free Credit Report?
Is it true that You Can Get a Free Credit Report – Here is How
Your credit report also includes data about your credit history such as your payment history, the amount of credit that you currently owe, the credit accounts that you have, credit inquiries, and so on. This information is used in the computation of your credit scores by your lenders to give them a picture of how capable you are of repaying your debts. With this in mind, your credit report determines whether you will be approved or not for a loan or a credit card, as well as the interest rate that will be charged on the granted facilities.
Because your credit report is so crucial for various aspects of your daily life, you will have to check it now and then to make sure there are no mistakes or fraudulent activities. The good news is federal law allows you to get a free annual report from each of the three major credit reporting agencies – Equifax, Experian, and TransUnion. You can ask for all three at once or over different years since they are available to be scheduled as needed.
To get your free reports, you need to follow some of the steps that are provided below.
The only one that is genuine is the website that is set up by the big three credit bureaus and this one I can recommend to anyone who wants to easily request their free reports online. To do so, you have to make your request and request for your free copies to be provided to you.
Go to AnnualCreditReport.com – This is the only Web site that is provided by Federal law and it allows consumers to get access to their reports from the bureaus of their choice once a year and free of charge.
The information required when compiling your account includes your full name, date of birth, Social Security Number, and address to ensure your identity and records are confirmed.
Report Delivery – Choose if you prefer to access your reports online as soon as they are ready or receive a plastic card to have your reports delivered to your home address. It may be possible for them to be viewed first and then post them, if that is what is preferred.
See Your Report(s) – If you prefer to access your credit reports on the Internet, they should be accessible through the Web site by now. Make sure to study them well and identify descriptions that are wrong or look more like an identity theft. If you prefer them mailed, they should be delivered to your mailbox in approximately two weeks.
Still on the credit report, it will be pertinent to know what information is contained in the credit report.
After learning how to get 3 free annual credit reports you might be curious to know what these reports include. Some of them include; • A rich repository of information on your past and present credit activities and transactions with credit providers.
Some main parts of information related to your credit reports are as follows:
Identification – Your full name, name of your current and previous dwelling places, date of birth, and social security number. It is used to ensure that your identity is matched with the report generated.
Credit Report – Credit reports that contain all the accounts associated with your credit cards, loans, mortgages, and any other credit accounts. This displays the current balance and some information regarding the account such as the date when it was opened, the credit limit or loan amount, the amount of monthly payments, and more importantly the record of the payments made by you.
Collection – This section contains a list of everybody who has requested your credit report including creditors who have offered you credit. Therefore, it contains information like the type of inquiry, for example, mortgage, credit card, employment, and the date it was made.
Prescription drugs – Data about prescriptions, including prescription of medicine or doctor prescription. These remain on your reports for several years and adversely affect your credit scores.
Information about negative credit events, including paid before the due date, collections accounts, and any other payment information. Like public records, they can harm your creditworthiness for many years thereafter.
It allows you to review every detail of your credit report and contest any negative entry or fraud with the credit bureaus. You can also see what aspects you should work on to have better credit score ratings over the period. It also assists in controlling irregular credit reports, as this will easily identify signs of identity theft.
Incorrect information can be reported to the major credit bureaus by credit reporting agencies in different ways.
It seems everyone can encounter invalid data on their credit reports from time to time. Common examples include
Some of them are the wrong address, wrong date of birth, and other basic details.
Disposable credit accounts that do not have a credit card holder
Inaccurate information regarding the late payments
Outdated account statuses
So if ever you try to review your credit reports, and you come across something that you feel is fishy or simply incorrect, don’t fret. The only consolation that one can derive here is that credit bureaus are expected to immediately investigate disputed information and correct any errors.
Here is how it should be done properly in case you have discovered errors on your credit reports
Inform the Credit Bureau in Writing – This is in as soon as you discover the mistake, the next step is to inform the credit bureau in writing. It is imperative to point out that some of the information is wrong and explain why you disagree with it. Attach copies of any documents that might have supported your case.
Ensure You Give Full Account Information – When it comes to accounts that you are disputing, ensure that you give full account information such as the full account number, the name of the creditor and any other details that you may have that will explain why you are disputing the account in question. The more specific information that can be put into the application, the greater the chances of successfully receiving the grant.
Request to Erase or Rectify – You can request that the information which you consider to be incorrect, be deleted or the incorrect information be changed with the right one. If you consider it to be fraudulent, ask that it be removed from your credit report.
Allow Thirty Days – The Fair Credit Reporting Act entitles consumers to correct reporting inaccuracies within days as the credit bureaus investigate it in days. At times it involves communications with your creditors though, which may consume all the days as provided for.
Continue with Further Proceedings if Applicable – If after days the information that has been disputed is not changed, an appeal can be made. You also have the right to provide a registered interest or a registered comment and that goes to your credit file. For severe mistakes, further procedures may be needed and the federal laws permit you to sue for the loss you have incurred.
Free credit reports once a year allow a person to monitor their credit for issues and errors easily since they receive updates often enough. Debunking myths regarding credit keeps on enhancing one’s credit profile in the long run. Therefore, there is no cause why you shouldn’t ask for your free reports at least once per year and go over them carefully. Overseeing established credit files is an activity that all consumers must undertake.
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