Home > Free Credit Report > Your Free Credit Report May Reveal Surprises
Your Free Credit Report May Reveal Surprises |
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You might be thinking that your credit is
impeccable, you have never been denied a loan before and you have never been late on your bills. You might be quite upbeat about your chance of getting a Discover credit card, which promises 0% interest for 6 months. Imagine the shock that you would get if you are denied because of your poor credit history.
Consumers are entitled to a free credit report once a year from the reputed credit reporting agencies. If you are surprised to get a denial for obtaining a credit card even though you think that your credit is without blemish, you should contact credit-reporting agencies and get your free credit report. If you do that, you might find that your report is smeared with unpaid utility bills and loans, all taken out in your name by an imposter. There might even be attempts to buy cars and houses in your name. It might also happen that someone might be signing up for telephone, Internet, and electricity services, using your personal information and if something like this is happening, you will be left to clean up the mess. If you do not keep checking your free credit report, you will never know that there is a problem till you get a shock! You will feel so vulnerable and so unprotected. Important New Consumer Right Identity theft has swelled to such an extent that nearly 27 million Americans have fallen prey to it in the past 5 years. It takes an average of one year before a victim discovers the problem and that too usually after a surprising credit denial. As a result of this crisis, many new consumer rights have been passed into law. The launch of AnnualCreditReport.com is the most obvious new consumer right included in the law. It entitles every American consumer--about 200 million people--to their free credit report each year. If you think that you are a victim of identity theft, you are entitled to your free credit report. Like An Annual Checkup Some studies suggest that as many as 1 in 15 Americans have been a victim of some kind of identity theft, and many still may not know it. By checking your free credit report regularly, you will be able to find out whether you are a victim of identity theft early enough to be able to take remedial action on time. Moreover if there are any inaccuracies in the report, you will be able to get them corrected before they do any harm to you. An accurate free credit report is very important because prospective creditors, employers and insurance providers make it a point to check free credit report before granting loans, jobs or insurance covers as the case may be. If you suspect that impostors are trying to gain credit and take loans in your name, this will show up in the inquiries section of the report and so it is important to purchase additional credit reports, about one each month to keep track of the imposter's movements. There is no doubt that this is expensive - about $30 each time. It is advisable to stagger free credit report requests at AnnualCreditReport.com throughout the year to get a fairly constant idea of what's going on with your financial history. You can dispute errors by following the instructions listed in the free credit reports. |
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