Control Your Credit With Free Credit Report |
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Free credit report is one of the handiest tools that can give you a very good idea about your credit status. With the help of free credit report, you are bound to get a close look at your credit rating, past payment habits, your outstanding debt and what's more your present credit score, that determines how much you are worthy for a credit. Free credit report is your right according to the Fair Credit Reporting Act (FCRA) and the laws of several states. According to one recent amendment to the Fair Credit Reporting Act, each of the three national credit-reporting agencies--Experian, Equifax and TransUnion--should provide a free copy of credit report to all the consumers, once every 12 months. The FTC, the nation's consumer protection agency, enforces the FCRA with respect to consumer reporting companies. FCRA is responsible for promoting privacy and accuracy in the credit files of the credit-reporting agencies. And therefore, you won't see any kind of security related problems in the free credit reports that are issued by the three national credit-reporting agencies. Although errors may happen sometimes in your credit reports, the credit-reporting agencies always safeguard for maximum privacy and security as far as your free credit report is concerned. In the past few years identity fraud has risen dramatically. In this insidious form of credit fraud, a thief steals your good credit by taking over or opening accounts in your name, running up large balances, and leaving you to deal with the collectors when they come calling. New accounts opened with your identity will appear on your credit report, revealing identity fraud to you. If you don't check your credit report, it could be months before the credit grantor, fed up with nonpayment, turns the account over to a collector who tracks you down and demands payment for a loan you've never even heard of. As with much less problematic inaccuracies, identity fraud is something you can detect and remedy most effectively by checking your free credit report thoroughly and on a routine basis. Where you live, how you pay your bills, and whether you've been sued, arrested, or filed for bankruptcy-all can be viewed on your free credit report. In fact, the credit-reporting agencies sell the credit information to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home. If your credit report is not good, your creditors may not be willing to offer you a loan because they doubt whether you would be able to repay the loan on time. That is why it's very important to know about your credit report. And for that you must apply to the credit reporting agencies, otherwise, you may not be able to fulfill your dream of buying a house or a dream car by taking a loan. To get your free credit report, you need to provide your name, address (present as well as past), social security numbers, date of birth, employment records etc. You can do all of these online or directly contacting the agency. But in online credit reporting procedures, the application process is relatively faster. The moment you submit the information, in a minute, the agency would receive it. And if they find any kind of inaccuracy in your information, on your request they would try to get it corrected by contacting the creditors. Under the federal law, you're permitted to apply for a free credit report if a company takes adverse action against you, such as denying your application for credit, insurance, or employment. But remember, there is usually a charge for reports, unless your request comes within 60 days of having been denied credit, employment, or insurance as a result of a credit report. Credit bureaus also provide free copies of your credit report under other circumstances. You are entitled to one report free of charge per year if you certify in writing that: you are unemployed and plan to look for a job within 60 days, or you are on welfare, or your report is inaccurate because of fraud. |
