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Assess Your Creditworthiness By Getting A Free Credit Report |
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A free credit report is your financial report card. To obtain the excellent credit report service, you should opt for an online free credit report. Regular checking of your free credit report can be an eye opener. Since your credit score is important for obtaining credit you need to be aware of how good or bad your credit score is. It can give you crucial information like, how many payments have you defaulted on, your chances of getting new credit and whether you're a victim of identity theft. Your credit score is important when you need a new credit card, an auto loan, or a mortgage. Lenders use your credit scores to decide whether you are a good credit risk. And, if you've a high credit score, you're more likely to be offered loans and credit cards at the best rates available in the market. And millions of Americans are turned down for mortgages, credit cards, student loans, other important credit and employment and housing opportunities, due to negative information in their free credit report(s). However, if you suspect that your credit score is not good or that there are errors in your credit report, you have the right to a free credit report. And once you know what information is contained therein, you can dispute the information that's wrong or outdated and have it removed from your free credit report. The Federal law entitles all Americans to one free credit report per year directly from a credit-reporting agency. However, residents of Colorado, Maryland, Massachusetts, New Jersey, and Vermont are entitled by state law to one annual free credit report from a credit-reporting agency. And residents of Georgia are entitled to two free credit reports. But to be able to qualify for this free credit report, you must certify that you're unemployed and seeking employment in the next 60 days. You're eligible if you're receiving public assistance or believe that there are inaccuracies in your credit report due to fraud. Also, if you've been denied credit on basis of the information in your credit report, you're then entitled to a free copy of the report from the credit bureau. However, though a free credit report contains a record of your whole financial history, it does not give you your credit score. A credit score is the actual number ranging from 300 to 850 that lenders use to judge your creditworthiness and the interest rate they'll charge on any new loans that you apply for. But the Federal Trade Commission is considering allowing credit bureaus to provide consumers with their credit scores along with the free credit report, at a reasonable fee. Additional provisions that the FACT Act has imposed to protect and help the consumers with their credit are, creating uniform credit standards, requiring retailers to hide all but the last five digits of your account number on receipts, and new opt out rights for consumers. Also, banks will have to inform you if they're giving you credit at less favorable terms, because of your credit score. They should also alert you before reporting any negative information about you to the credit bureaus. And, your free credit report should contain accurate and up-to-date information about your credit history and behavior. So, the first step to find out where you stand in the credit world is to apply online for a copy of your free credit report and credit score. A free credit report and credit score in hand lets you look at your credit situation from the perspective of your creditors or those who base decisions on your credit. If you discover mistakes, you can have them corrected. So, it is important to review your credit report regularly. Your free credit report can help you to stay up to date with your credit profile and alert you of any potential identity theft. And, by making sure that all the information contained in the reports is accurate, you'll ensure that you receive the best rates from credit agencies in the future. So, keeping tabs on your free credit report is one of the most effective ways to protect yourself against identity theft and make sure that all the information that your creditors are accessing is accurate. Therefore, for your own good, you should make it a habit to check your credit report regularly, especially with the increase in risks of identity theft. So, be sure to get a copy!!! |
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