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The availability of free credit reports comes as good news to the consumers looking to improve their credit. Earlier people had to pay for any access to their credit reports. But now with the law making it mandatory for the credit agencies to make available at least one free credit report every year, consumers can heave a sigh of relief. A credit report is a crucial document that reflects your credit status. If you are seeking a loan, or looking to buy a house, or just about anything for which you might need a credit, a copy of your credit report is sought by the party you are dealing with. A credit report is actually a score awarded to you after factoring in important aspects of your credit history, such as your debts and payment habits, and your spending habits. These are constantly monitored and any change would be reflected on you credit report. For example, if you rent an apartment, or take out a mortgage or a car loan, your credit report would be accordingly reviewed. Your suitability for loans or any other financial transactions are decided on the basis of your credit report. As a consumer, it is of paramount importance for you to maintain a good credit report. And your efforts in this direction ought now to be boosted by the availability of free credit reports. Consumers these days are getting bombarded with advertisements for free credit reports. But it is okay to be a little skeptical whenever the word free turns up on an ad, as more often than not they come with a catch. And so do free credit reports. But the three major credit bureaus: Experian, Equifax, and TransUnion: are reliable sources for free credit reports, provided you fit certain criteria. Under the Fair Credit Reporting Act, you are entitled to a free credit report from any of the bureaus under some specific circumstances. If you feel that any inaccuracies have crept into your credit report and you want to dispute them, you can ask for a free credit report. Other provisions for the access to a free credit report are the denial of insurance, employment, or a credit in the last two months. Also, if you are on welfare or are applying for employment, you are eligible for a free credit report. In all these cases one has to make a written request. And then, the access is only for a limited period of time. Free credit reports are available without a hassle from several companies. But you need to be sure of the credentials and motives of the company, since you'll be sharing with them important credit information like your social security number. And you need to be even more wary in the case of websites for reasons stated earlier. You would get your free credit report, but you are liable to be charged for maintaining the service, unless you are smart enough to cancel it. You should carefully go through the terms and conditions of the website before you sign up for the free credit report. One common condition, like said before, is that the service is free for a very short duration, like 30 days, and if you wish to carry on with it they might charge you a subscription fee. If you don't really plan to subscribe to the service, it is important that you cancel the trial subscription, or else it would automatically be billed to your account. In that case, you should remember the termination date of your trial period. Rather than end up getting trapped into a situation you do not want, it is safer to get your free credit report from one of the three major credit agencies. In that case you will be asked to share some personal information with them: your social security number, current and previous addresses, date of birth etc. The free credit report contact numbers for Experian, Equifax, and TransUnion are 888-397-3742, 800-685-1111, and 800-888-4213 respectively. |
