Free Credit Report
Accuracy on your credit report is critical to your ability to fully benefit from the services offered by lending institutions. A single credit error on your credit history can actually be your ruin! It can mean higher interest payments, the inability to obtain a loan, a credit card, or even to buy a house! An inaccuracy on your credit report can even prevent you from attaining the job you want, as many employers will check credit profile. And mistakes are much more common than you may think. Since much of a credit report is entered manually, a typo, an account number error, or even a mix-up between people with the same name can be detrimental to a person's credit rating. This is why it is recommended that you check on your credit history every year, or at least once every two years.
There are many different ways to obtain your credit report, though more and more commonly, the internet is becoming the method of choice.
Depending on your eligibility, it is possible for you to obtain a free copy of your credit report - or free other than the cost of first-class postage. If you're ineligible, it is still possible for you to acquire a free credit report, though it will require that you do your homework to find out where. If you are ineligible and in a hurry, the best method is still to pay for the credit history, as it is usually only a nominal fee anyway (somewhere in the $10 range).
In the United States, there are three major companies that are in the business of collecting and distributing the credit histories of Americans. For the average American citizen, it is probable that all three of these companies will have a copy of your credit history. These companies are, though, competitors, which means that while each has a file of your history, they all have different versions of this information. Therefore, it is wise not only to obtain a copy of your credit history, but to be sure to obtain a copy of the report as it is kept at all three companies. This can assure you that none of them has erroneous information in their files.
When you are considering using the internet for a free credit report, be sure to know what you're looking for.
Know the specifics before you agree to anything, especially before giving your billing information. Be sure to read any fine print which may be available. Look closely to discover what makes the report free, and read the agreement before placing your order. All credible companies will list a service agreement that you must accept before placing your order, so take advantage of this time to learn the valuable information about the agreement.
The requirements that you need to meet to receive a free credit report from credit bureaus (bound by the Fair Credit Reporting Act) are:
- Having been denied credit,
insurance, or employment within the last sixty days as a result of your
credit report
- It is the duty of the company that denied you the credit or employment
to indicate which credit reporting company was used, and to provide
you with the phone number and address for obtaining the free report
(the free reports may or may not be available over the internet).
- Being able to certify in writing that you are unemployed, but intend
to apply for employment within the 60-day period which begins on the
date when the certification was made.
- Receiving public welfare assistance or having reason to believe that
your file at the particular agency contains inaccurate information as
a result of fraud.
- Residing in certain states in which you have the right to a free
copy of your report. These include: Colorado, Massachusetts, Maryland,
New Jersey and Vermont. In the aforementioned states, you may receive
a free copy of your credit report from each of the credit bureaus. As
a resident of Georgia, you are entitled to up to two free copies of
your credit report every year from the credit bureaus.
When calling for a copy of your free report, it is important to have the appropriate information ready and available. This will include:
- Your first, middle and last name (including such suffixes as Jr., Sr., III, etc)
- Your current address
- Any previous addresses you may have had during the past two years
- Your Social Security Number
- Your date of birth
- Your current employer
- Your phone number