Get Your Free Credit Report
Have your received your free credit report yet? Because
of recent law changes, you are entitled to one free copy of your credit report
from each of the three nationwide consumer credit reporting companies:
Equifax, TransUnion, and Experian. A free copy of your credit report is
available from
annualcreditreport.com.
Beginning in December 2004, the western-most states in
the U.S. were able to receive their free credit report, and progressively the
Midwest in March, 2005, the Southern States in June, 2005, and finally the
Eastern States and U.S. Territories in Sept., 2005.
The process to obtain your Free Credit Report is easy.
Simply go to
annualcreditreport.com. You will fill in some personal information such as
name, address, social security number, etc. After registration and
verification, you can select if you would like to receive your report from
Equifax, TransUnion, and/or Experian. You can select any of the three or all
three at once. Remember though, you can only obtain one credit report from
each of the three agencies every 12 months. Many believe it is wiser to space
out their credit reports throughout the year. Meaning, they may select to view
one report now, one of the other reports four months from now, and the final
report eight months from now. That way, you are able to view your credit
reports throughout the year.
After selecting a reporting agency, proceed to their
website. You will be asked some security questions for verification purposes.
These are simple questions that you should be able to answer, such as who is
your current mortgage lender and approximately how much is your mortgage
balance.
After verification, you may be asked if you would like to
purchase additional information in conjunction with your credit report.
Equifax allows you to purchase your credit score for $6.95, TransUnion allows
you purchase your credit score for $5.95 and a Debt Analysis Report also for
%5.95, and Experian will sell you your credit score for only $5.00. Because
you credit report does not include your score, it may be worth the few extra
dollars to get this, especially if you feel your credit rating may be in
danger.
Finally, view your credit report. It may be easier for
you to print out the information so that you can view it at your leisure.
Review your credit report for any errors or inaccuracies. You can file a
dispute online if necessary, or better yet, you can contact the creditors
directly to correct any problems. Your Credit Report may also contain
suggestions on how you can increase your credit score. These should be
followed up on as soon as possible. For example, my credit report suggested
that I lower my available debt. After reviewing my credit report I discovered
that it showed some old accounts open that I assumed had been closed for
years. By contacting the creditors and closing these inactive accounts, my
credit score should show an increase.
I simply cannot stress the importance of staying on top
of your credit report and knowing your credit score. With the rise in identity
theft it is more important than ever to ensure that your report does not
contain inaccurate information. And, knowing your credit score is vital
information to have when applying for a credit card or a loan. By proactively
working to increase your credit score, you become less of a risk, which could
save you thousands of dollars down the road.
