Credit Reports Galore

Abhishek Agarwal asked:


Did you know that you can get a free credit report? Your credit report is the document that records all your credit transactions. It is what finance companies, banks and credit card companies use to judge whether you are a good risk. If you’ve had difficulty getting a loan or a credit card it may be because you have a bad credit report.

What is the point of knowing your credit report you may ask. If you can’t get credit what can you do about it?

Well there’s plenty you can do. Getting your free credit report can really help you turn the situation around. It is a way of taking control of your financial affairs. This is the starting point to improving your record score so that you can get loans.

When you get your credit report you can make sure that no one has stolen your identity and is running up bad debts in your name. This was one of the main reasons the legislation was brought in. The problem of identity theft is a serious one. The Fair And Accurate Credit TRansactions Act was passed in December 2003 specifically to prevent identity theft.

The FACT Act as it is known allows US citizens to see their credit report once a year. They can check it for accuracy and have mistakes changed.

There are three credit reporting companies: Experian, Equifax, and TransUnion. You can get a free report from any one of them. They are all similar but areproduced by slightly different methods.

You can go to the website of one these companies and apply for a free credit report. They can be found at www.experian.com, www.equifax.com, or www.transunion.com. Alternatively, you can visit www.annualcreditreport.com or www.freecreditreport.com. Follow the instructions to get your credit report.

They will check your identity by asking a few personal questions just as your bank would. But the process is not difficult. If you find no problems then there is probably no need to get the other reports. If you find problems then it is worth paying to see the others and correcting the mistakes.

Information that was once kept secret from consumers is now freely available. This is a resource and you should make use of it. It will help you to keep a good credit score and keep your finances in order. Since this legislation came into force checking your credit report has become one of the basic tasks of personal financial management.

You may not have had your identity stolen. The bad credit score may be all your own work. But once you know what the damage is you can set about putting it right. The worst thing you can do when the debts start piling up is to hide your head in the sand.



HOWARD

Abhishek Agarwal asked:


When a company is deciding whether or not to give you a loan, a mortgage or a credit card it checks your credit report. Your credit report contains information about every credit transaction you have made. If you failed to make a payment or defaulted on a loan then it will be on your credit report.

Until the US government brought in legislation to make this information freely available to you only finance companies, banks and mortgage lenders could see it. Now you are entitled to see it too.

The FACT Act made it possible to see your credit record for free every year for the first time. You need no longer be in the dark about what the finance companies know about you.

This is information about you and it is your right to see it. You should make use of that right because it affects your ability to get loans, credit cards and mortgages. If you are refused credit is probably because of something in your credit report.

There may be mistakes in your credit report that are stopping you from getting a loan. Someone may have fraudulently used your identity to take out a credit card or loan which they have not paid. You will then be left with a bad credit report that is not your fault.

There are three companies that compile credit reports. You can only get to see one of those reports for free. But if there are mistakes in that one then it will be worth your while to pay for the other two.

Not all the credit reporting companies have exactly the same information. They compile their data in slightly different ways.

Once you have seen the report and checked it against your own records you can correct inaccuracies any inaccuracies it may contain. There is a facility on the websites of the credit reporting companies for you to inform them of mistakes in your report. You will have to produce written evidence such as bank statements or credit card statements. But the process is quite simple.

By correcting inaccuracies in your credit report you are protecting your credit score. Even one mistake can make the difference between getting a loan and being refused credit.

All Americans can now get a free credit report every year. It is a responsible financial practice to take advantage of this opportunity. By doing so you are taking control of your own finances.

You can guard against identity theft, you can correct errors, and you can see if your credit score is falling because you have a pattern of late payments. It is in your interests to maintain a good credit score. If you check your credit record every year you can address problems as they arise.



MORTON

Steve Evans asked:


u can use your credit report you need to get yur report. Reports are available on request. Free credit reports requested by phone or mail will be processed within 15 days of receiving your request. Such reports were mandated by a federal law enacted in 2003. The program has all now been implemented.

AnnualCreditReport.com is reportedly the only official site where you can get a genuinely free copy of your credit report from all three reporting agencies. And if you/\’d rather order your free credit report by phone or by mail, you can do that too . AnnualCreditReport.com processes requests for free credit file disclosures (commonly called credit reports). I have been told that under the Fair and Accurate Credit Transactions Act (FACT Act) consumers can request and obtain a free credit report once every 12 months from each of the three nationwide consumer credit reporting companies.

Now once you have joined up for your credit report such as at AnnualCreditReport.com, there is an extra peril. This is that when you receive phishing spam pretending to be your report provider asking for personal information, you may think it is from your real provider asking for your details again from you for a Review” or a “verification”. The thing to remember here is that all the nationwide consumer reporting companies have pledged that they will not send you an email asking for your personal information.

If you get an email, see a pop-up ad, or get a phone call from someone claiming to be from your credit report provider - don/\’t trust them! Do not reply but delete the email, do not click on any link in the message.

Companies or individuals promising quick fixes are almost always fraudulent. The important thing to remember is that no one can have accurate information removed from the credit file. Companies still do get away with reading your report. Haven/\’t you ever received a pre-approved credit card?

Identity theft is also on the rise, now being the number one consumer complaint reported to the Federal Trade Commission. One of the first places identity theft shows up is often on your credit report.

Identity theft may show up as suspicious credit inquiries, changes of address, accounts in default, or new fraudulent accounts in your name.

Monitoring your credit report is your first line of defense in protecting your identity. I like to use the Stop Junk Mail service because I can stop all the credit card offers and other junk mail. Monitor your credit report to catch ID fraud early.

Information here should not be construed as advice and it is offered without legal responsibility or liability. It must be emphasised that you should consult a professionally qualified individual or company (such as an accountant, financial adviser or solicitor for example) should you need advice on your financial situation, as they will be able to relate their advice to your personal needs accordingly.

STUART

Abhishek Agarwal asked:


Equifax has been compiling credit reports since 1899. You can now get your own free credit report every year from Equifax. Your credit report is what banks, mortgage and credit card companies use when they are deciding whether to grant you credit. It is a record of every credit transaction you have ever made.

Until recently you had to pay to get your credit report. But now thanks to the FACT Act which was passed in 2003 every American can see their own credit report. Previously, only companies had access to this information. Now you can see for yourself the information on which lenders base their decisions.

Equifax is a global company with 4,600 employees in 13 countries. With $1.4 billion in revenue it has a proven track record in the field of credit reports.

All you have to do to get your free credit report is to go to the Equifax website. Follow the simple instructions and your report will appear on your computer. You can download it or print it.

You must establish your identity by providing some information such as date of birth, social security number, name and address. Equifax needs to verify who you are before it hands out this sensitive information. But the whole process only takes a few key strokes.

Once you’ve got your credit report you can check it against your own records. If there are any inaccuracies you can report them to Equifax. When you provide the documentary evidence that a mistake has been made you can have the report corrected.

Then lenders will get an accurate picture of your credit history. If you have been the victim of identity theft and someone has used your name to get credit then you can have those transactions removed from your report.

Any inaccuracies in the credit report may have been lowering your credit score. Lenders may have refused you credit because they thought you were a bad risk.

There are two other companies that compile credit reports. You can also get free credit reports from them. But Equifax is one of the giants of the industry and a company that is well trusted by lenders. Equifax has been providing credit reports for over a century. So take advantage of the FACT Act and get your free credit report from Equifax today. Your credit score need no longer be a mystery to you.



GRANT