Avoid Unpleasant Surprises With Free Credit Report |
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People are always very enthusiastic about free credit report as it's the thing they know the most about. Soon you'll be able to get your free credit report for free. There are ways to get this report before your state is eligible. Many financial advisors recommend that you must review your credit report at regular interval for inaccuracies or omissions. This could be in particular important if you're considering making a major purchase, such as buying a home. A recent amendment to the federal Fair Credit Reporting Act (FCRA) requires each of the credit bureaus to provide you with free credit report, at your request, once every 12 months. Free credit report contain information on where you live, how you pay your bills, and whether you've been sued, arrested, or filed for bankruptcy. Nationwide credit bureaus sell the information in your credit report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home. There are three nationwide credit reporting companies Equifax, Experian, and TransUnion. Now everyone in the Western states will be able to order their free credit report under the federal law beginning December 1, 2004. Consumers in other states will be able to order their copies according to a regional rollout. In recent months, consumers have asked the FTC for more details about their rights under the federal FCRA and the Fair and Accurate Credit Transactions (FACT) Act, which established the free credit report program. Soon free credit report will be phased in during a nine- month period, rolling from the West Coast to the East beginning December 1, 2004. Beginning September 1, 2005, free credit reports will be accessible to all Americans, regardless of where they live. Everyone in the Western states Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, and Wyoming can order their free credit report beginning December 1, 2004. Everyone in the Midwestern states Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, and Wisconsin can order their free credit report beginning March 1, 2005. Everyone in the Southern states Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, Oklahoma, South Carolina, Tennessee, and Texas can order their free credit report beginning June 1, 2005. Consumers in the Eastern states Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, Vermont, Virginia, and West Virginia the District of Columbia, Puerto Rico, and all U.S. territories can order their free credit report beginning September 1, 2005. You may order your free credit report from each of the three nationwide credit bureau's at the same time, or you can order from only one or two. The law allows you to order one free copy from each of the nationwide credit reporting companies every 12 months. Get yourself a free credit report from all 3 major credit bureaus and look over everything, do you see any mistakes? Make sure everything included in your bankruptcy or foreclosure reports accurately on your credit report. Make sure those accounts involved in a bankruptcy or foreclosure are not showing something else like collection or charge-off. That could make your score much lower than it needs to be. Once you have checked your free credit report you can apply only to places that submit your application of loan to many lenders if you need. Every time your credit report is pulled, it will knock your credit score down a little. If you apply to a mortgage service that will submit your application to many lenders, then you only have one credit inquiry and can receive offers from up to 4 lenders per application it depends upon your need. To request your free credit report, you'll need to provide your name, address, Social Security number and date of birth. In addition, the credit bureaus may ask you for other information to confirm your identity. |
