Obtaining a Free Credit Report

Consumers should find a copy of their credit report and review it occasionally. A good rule is to review it once every four weeks. An individual needs to read...

Consumers should find a copy of their credit report and review it occasionally. A good rule is to review it once every four weeks. An individual needs to read the report and identify the activities it describes. An individual needs to look at it carefully to make sure it is accurate. Firms and companies use Credit reports when making decisions for credit and employment. Credit reports determine the expenses of certain things like interest rates on loans and credit cards and insurance prices.

How often should your review your Credit Report?

Everybody should review a credit report at least one time a year. There are 3 main credit-reporting services in America, which is why it is a good idea to review a different one every month. You can get a free report every four weeks. The thought of spreading out the reports will protect you against mistakes since every reporting agency maintains a credit file.

The Fair Credit Reporting Act of 1970 requires each of the 3 national credit-reporting companies to supply each customer a copy, at no cost, of the credit report. The companies are Equifax, Experian, and TransUnion, and they have a responsibility to supply a free copy of a credit report once every 12 months. In order to maximize efficacy and minimize delay, the three companies are united. Because they are united they use the same national website, mailing address, and toll free calling place by which customers can order a free annual copy.

You can order each business’s report or distribute the orders over the course of the year. Consumers may order online by visiting annualcreditreport.com. An individual can order by telephone by calling 1-877-322-8228. Consumers can order by email through the Annual Credit Report Request Form. Consumers must complete the form and email it to the Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. Consumers may order all three reports at the same time. Or order one at a time every four weeks to provide more coverage. The Fair Credit Reporting Act provides for one free copy annually from each reporting agency.

Reasons to order Credit Reports

There are lots of reasons to order credit reports nonetheless, the major advantage is to correct incorrect information. An individual needs to read the report carefully and see if the information is correct and up-to-date. If it is inaccuracies or there are issues, an individual can file a dispute and need to have the data corrected. Submitting a dispute can be time consuming but it’s worthwhile. Inaccurate information can cause rejections for credit cards. An individual has to follow up after the corrections are complete with one reporting agency to make certain that the other reports are free of error or adjusted.

Consumers may require a free copy of a credit report if a company puts negative marks on your credit report. This can happen from denying an application for credit, insurance, or employment. An individual has to ask for a report within 60 days of receiving notice of the adverse actions. Unemployed consumers or people on welfare can find a free report if they intend to go back to work within 60 days. Furthermore, an individual can access a no-cost report to correct inaccuracies because of fraud and identity theft.

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