Get Your Free Credit Report Yearly

Posted by admin on August 2, 2010

Have you seen those commercials with the guy strumming the guitar and lamenting his credit situation? He’s not the only one who deals with that problem. Take your credit score in your own hands by reviewing your credit report on a yearly basis.

You used to have to pay for a credit report. There are companies that would give you one for free if you sign up for their credit protection programs. But, that is not necessary anymore. The federal government has decided that they would help you get at the resource you need by allowing everyone to get a free credit report from each of the main three credit bureaus once every twelve months. According to an amendment to the Fair Credit Reporting Act, you can go to www.annualcreditreport.com and get your report.

There are many credit agencies but the three that most creditors report to are: Equifax (www.equifax.com), Experian (www.experian.com), and TransUnion (www.transunion.com). Some report to all three or just one. It only takes a visit and a few bits of information to get a free copy of your credit report. If you have a computer and a printer, you can download your free copy and print it out.

Credit bureaus keep track of your entire credit history from that first credit card or line of credit that you acquired. They also track your credit payment history from month to month. The credit score that can help or give you trouble is derived from this information.

Here are some of the things you find in a credit report:

• List of creditors along with addresses and/or phone numbers
• Date opened accounts
• Monthly payment history
• Recent inquiries
• Liens, foreclosures, bankruptcies

The first thing to check is the personal information. Many people have been saddled with someone else’s bad credit baggage because of a wrongly recorded social security number or a problem with a name. Check to see that the credit bureaus know your correct name, social security number, address, birth date, telephone number, and employer. If you find any discrepancies, contact the agency immediately to have it cleared up.

After that, go over each entry carefully. If any information is wrong, you can dispute it with the credit reporting agency to have it changed or deleted. That process can take a bit of time but it is worth it. That errant information could be lowering your credit score and also your chances of getting a home or a car.

Your credit report is your first line of defense when disputing any issues related to identity theft. In fact, most people don’t find out that they have become victims of identity theft until they are contacted by a credit card company. You can discover the problem early on by reviewing your credit report every year.

Knowledge is power. Stay ahead of your financial situation with a copy of your credit report. You are entitled under law to receive a copy from each of the three top credit bureaus.

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