Many people do not understand the importance of their credit report and how much it impacts their financial life. Everything from financing a car to renting an apartment requires some kind of credit check. Fortunately, basic questions regarding your credit report have straightforward answers that can help you improve your score.
How Often Can I Get My Free Credit Report?
You are entitled to a copy of your credit report from each reporting agency---TransUnion, Experian and Equifax---once every 12 months according to AnnualCreditReport.com, the official website endorsed by the Federal Trade Commission for your annual credit report. You may receive the credit report from each agency either all at once or spread over the year if you wish to monitor your report for accuracy and improvements.
Why Should I Check My Credit Report?
You should check your credit report each year to make sure that the information is truthful and accurate, because it impacts all of your major financial opportunities and obligations. Not only are mortgage lenders and credit card companies checking your credit report and score to determine your eligibility for a loan or card, but now employers are also checking your credit report as a determination of your financial situation and trustworthiness. If you find inaccurate information on your credit report, immediately contact the credit reporting agency in writing noting the inaccuracies and requesting an investigation.
What Information is On My Credit Report?
Your credit report contains a list of all debt accounts, including the date you opened the account and any late or missed payments for the past seven years. The credit report also notes if you are current with all of your debts as well. Bankruptcies are also listed but drop off after seven to 10 years, depending on the type of filing. All of this information is used by creditors, lenders, insurance companies and even employers to determine your financial health and trustworthiness.
Where is My Credit Score on My Credit Report?
Your credit report does not contain your credit score, a three-digit number that is a quick and easy indicator of your financial health as far as creditors and lenders are concerned. It is calculated using the information on your credit report including length of credit history, debt used to debt available ratio and frequency of delinquent payments. The AnnualCreditReport.com website says you may purchase access to your credit score through any of the credit reporting agencies.
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