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Is It Important For Anyone To Order A Free Credit Report? |
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If you have never seen a copy of your credit report, you definitely should order a 3-in-1 free credit report, which includes your credit report from Experian, Equifax, and TransUnion. Why a 3-in-1 credit report? Each credit-reporting bureau operates independently and creates its own templates, product lineups, and standards. So you'll notice that the format of your free reports -- graphics, fonts, and layouts -- will vary. But the cosmetic stuff doesn't really matter. What's really important is the information contained in all three of your files. The three national credit bureaus do not communicate with each other, so you actually have three credit histories. It is
up to you to make sure that your credit histories are accurate. Do you know who has had access to your credit report information? Do you know if the information they saw is accurate? According to a study 70% of the free credit reports have errors of some kind and 29% contained serious errors like false delinquencies and judgments that don't belong to the consumer. If you are considering applying for a car loan, bank loan, or credit card, you will want to see your free credit report and make sure all information is accurate. Since each inquiry can count against your credit rating, make sure that your application isn't rejected based on mistakes in the credit report. If you have co-signed a loan for a family member or friend, their payment record will also appear on your free credit report. Before you start shopping for mortgage, take a look at your free credit report before the mortgage companies do, otherwise you will have to face rejections. So, stay alert and check your free credit report before you go for any credit. If you are going planning to rent an apartment, it is wise to have a recent copy of your free credit report with you. Most apartment owners or managers will want to check your free credit report before offering you a lease. If you have your own business, it is imperative that you regularly monitor your credit condition. The stronger your credit, the greater your ability to secure the financing you need to properly build and maintain your company. If you use a financial advisor, it is recommended that you check your free credit report at least once a year and review it with him/her so your financial condition can be accurately assessed. Your credit may be combined with your spouse, and there may be certain transactions that you may not be aware of. In case of a divorce, notify the three major credit-reporting agencies that your status has changed to single. Provide new addresses for both you and your ex-spouse. Specify that all accounts should henceforth be reported separately. Otherwise transactions may be reported on the wrong spouse's account. The records could get tangled confused, especially if one of you were to remarry. Occasionally, one or both spouses may experience credit problems during the separation period preceding the final divorce, especially if marital assets are frozen during settlement negotiations. You will need a copy of your free credit report to review with your attorney so that you can accurately evaluate how your divorce will affect you financially. Someone may be committing fraud by using your identity and applying for credit in your name. Credit reporting companies do not have to inform you of suspect items, so it's up to you to be vigilant about your credit. You should regularly check your free credit report to make sure that all new inquiries and accounts are not fraudulent. If you suspect fraud, contact your credit-reporting agency and ask that they put a fraud alert on your file. So order a copy of your free credit report and check whether it is accurate or not, check whether that the information provided in your free credit report is yours or not, check how many inquiries is reported by the creditors. These reasons are enough for you to order for free credit report. |
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