The Fair Credit Reporting Act (FCRA) REQUIRES each of the US. 3 major credit companies: Equifax, Experian, and TransUnion, provide you a free copy of your CreditReport, once every 12 months. Most of us do not know, have never heard or do not care they are entitled to a “free credit report” once a year. Why is it important for you to receive your free credit report?
- If you never check your credit report, you have no idea, if or what, inaccuracies are present. There may be entries that have a significant impact on your ability to obtain credit, may influence your interest rates on credit cards and personal loans, and may prevent you from obtaining a job.
- If inaccuracies exist, under federal law, you have the right to have them corrected.
- If you discover your report contains inaccurate information, the agency must correct it.
- If an item is incomplete, the agency must complete it. Examples include late payments, no longer late, or if you had a bankruptcy 12 years ago, and it is still reported, you might request the agency update your report. Bankruptcy usually stays on your report ten years.
- If your file shows an account that belongs to another person, one not authorized on your account, the agency must delete it.
There is only one site authorized under the US law to manage and provide the free annual credit report program… annualcreditreport.com. Several other websites, attempting to take advantage of the law, claim to offer “free credit reports.” The consumer must be aware; these companies are not part of the program.
Companies offering free reports requiring you sign up for their monitoring service, also include the three reporting services, and are charging fees up to $30.00 per month.
If you do not need credit monitoring, you don’t have to sign up for it to receive a free report. These companies provide a service for which they are making a fortune luring consumers to their site under the premise of receiving free reports. They will give you a free report, but you must provide all your personal information and sign up for their service to get one.
If you do not need credit monitoring, and you have to pay a monthly charge to get a free credit report, it is not free.
To receive your One Free Credit Report Per Year, visit annualcreditreport.com. Do not contact any of the three reporting agencies. By law, they are required to provide free annual credit reports exclusively through annualcreditreport.com.
The form is easy to complete, you get your report immediately, you may get a report from one or all three agencies, you can print the report, and they never ask for a credit card. You do not get your credit score, it is about $8.00 and may be obtained from the reporting credit agency. It is not a part of your free credit report. Based on your report, you can decide if you want to pay for your credit score.FreeCreditReport.Com
Most important, you’ll know where you stand in relation to your credit worthiness in planning your current and future credit health.