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How To Get Free Annual Credit Reports From Major
Credit Bureaus
By: Matt Shupe
x
If you plan to apply for a mortgage, car loan, credit card or
consolidation loan, then you will need to know what is in your credit
reports from each of the three major credit bureaus. These include
TransUnion, Equifax and Experian and each keeps a detailed record of
your current and past debts, payment history, along with any
information on public record, which may include foreclosures,
bankruptcies or judgements.
Each of your credit reports from the aforementioned bureaus will also
feature a numeric score, which is what many lenders refer to when
determining your interest rate on a new loan. This number, known as a
FICO score, is calculated based on a number of factors that will help
potential lenders determine your credit worthiness. Your debt to
income ratio, balance to credit limit ratio and the number of
revolving credit accounts are all taken into consideration when
tallying your FICO score. In addition, any bankruptcy or other
negative presence will cause your score to be lowered.
Every 12 months, an individual is permitted to request a free copy of
their credit reports from each of the three major credit bureaus as
listed above. There are a number of websites that promise to give
consumers free credit reports, but there is almost always some type of
a catch to the offer. Among them, enrolling in a trial program or
purchasing a product. However, there is one website that is dedicated
to offering free credit reports with no cost or obligation to the
consumer. Once each year, individuals can visit AnnualCreditReport.com
and gain instant online access to one or all of their credit reports
at no cost. The basic credit report is free, but the FICO score will
not be included unless an additional fee is paid to access that
information.
In addition to requesting free credit reports on an annual basis,
individuals are eligible to receive a free copy of their file if they
have recently been denied credit. This process can be completed by
either writing or calling the credit reporting agency after receiving
a denial of credit from the lender. Typically, a copy of the credit
report will arrive by mail within 7-10 days.
Not every consumer realizes how important it is to keep a close eye on
their credit reports, but it is one of the most critical parts of
maintaining a healthy credit file and preventing identity theft. It is
recommended that individuals check their credit reports every six
months and dispute anything that is listed incorrectly, such as
addresses, inaccurate reporting of payment histories, account status,
etc. After receiving a dispute, the credit bureau will begin an
investigation in order to resolve the matter amicably. It is very
important that everyone make sure their credit reports are accurate
as, quite often, they are the largest determining factor of any loan
request.
About the Author:
The author is a regular contributor to
Credit Reports Advisor
where more credit report and budgeting information is available.
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