Every consumer has the right to review her personal credit history. Regrettably, some people never order their credit report and are thus unaware of possible inaccuracies. There are several ways to acquire a report, but instead of paying for it, learn how to review your report from all three bureaus for free.
What Is a Credit Report?
Credit reports are documents that reveal your entire credit history. Opening a credit account qualifies you to receive a credit report; from this point forward, every credit card, auto loan, mortgage or other loan you acquire is listed on your personal credit report. Compiling your credit accounts into one document helps creditors determine if you're worthy of new credit. Lenders can check your credit report and review your payment history and outstanding balances. Based on this information, they either approve or reject your application.
Benefits of Checking Your Own Credit Report
Credit reports don't only benefit lenders and creditors; it's vital to check your own free credit report at least once a year. This keeps you aware of your credit standing and if creditors report inaccurate information you can catch their mistake early and dispute the remark. What's more, identity theft is prevalent and fraudulent accounts on your credit report can lower your FICO credit rating and result in credit rejections or higher interest rates.
Ways to Get a Free Credit Report
There are three ways to get one free credit report from all three credit bureaus. Annual Credit Report provides consumers with free credit reports and you can request your report online by visiting the agency's official website at Annualcreditreport.com. If you prefer to mail a request, contact the agency at: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. Complete the request form before mailing it. You can also opt to call the agency's toll-free number and request a report: 1-877-322-8228.
Warning
Different companies claim to provide consumers with a free credit report. However, these advertisements are misleading when they require you to enroll in a credit monitoring program or service. Be cautious when ordering a free report from a company other than Annual Credit Report. According to the Federal Trade Commission, Annual Credit Report is the only agency authorized to provide free reports to consumers.
0 comments:
Post a Comment