Free Credit Report
Checking your personal credit history at least once a year is very important in ensuring that you are protected or free from identity theft.
This can also help those individuals with bad credit to repair it on their own.
Whether you want to protect your credit reputation and your identity, or you need to mend your bad credit rating, the first thing that you must do is to view or to have a free copy of your credit report.
Your free credit account contains: oIdentification Information - This part holds your full name, aliases and nicknames, current and previous addresses, birthday, social security number, employment history, present and past employers, and your civil status.
If you are married, it may also contain information about your wife/husband.
oCredit Details - this portion will reveal the number of credit cards you have and your accounts in financial firms like credit card companies, lenders and banks.
Also found in this section are details about your credit limit, where and you opened your account and your payment history.
oCurrent Inquiries - here, you can see who has requested for your credit rating or who has read it.
This part also has a list of all the inquiries made in your report for the past two years.
oDetails about your Public Record - this segment includes financial judgments, declared bankruptcies, and all other financial information that are declared to public.
If you are monitoring your credit history and you know your rights on credit reporting, you can't just safeguard your privacy but you can also get a second chance even if you have made mistakes on your past loans or mortgages.
The state laws and the Federal Fair Credit Reporting Act limit the persons who can access your crucial credit information and the uses that can be made out of it.
Also, such state and federal laws put standards for the operation of the credit bureaus.
Here's a summary of your credit reporting rights: oYou have a right to a free credit report copy annually.
oYou have the right to know who can gain access to your credit account including those who has inquired and requested for your credit rating for the past six months.
oYou have the right to dispute negative or inaccurate information and factual errors.
oIf there's negative information in your record, you have the right to explain or clarify the circumstances.
oYou have the right to "opt-out" or to remove your name from the credit bureaus' mailing list.
This will prevent CRAs from using your details for marketing purposes.
oIf your rights have been violated, you have the right to complain to the right government agency and file a lawsuit.
The "big three" national consumer reporting agencies or credit bureaus, Equifax, Experian and Trans Union, are the mandated by the United States Federal Trade Commission to give you a free of copy of your credit account annually, if you have asked for it.
But there are times when you can get a free copy of your credit report for special situations.
The law that provides you with a free copy annually does not have an effect on your right to obtain a free report in such conditions: oIf your credit application has been denied, you can request a copy of your credit history within sixty days.
oIf your credit record has been changed based on the investigation that you have requested.
oIf you will apply for work in the next sixty days.
oIf you are on community welfare assistance oIf an unfavorable verdict associated with your employment has been made based on the information in your file.
oIf you have enough reason to think that your file has inaccurate information because of identity theft or fraud Moreover, there are seven states that provide their residents with the ability to get credit information without charge aside from the nationwide annual credit statement via the FACT Act.
The said states are Maine, Georgia, Maryland, Massachusetts, Vermont, New Jersey and Colorado.
It's easy to get a copy of your credit record since all consumers are entitled to a free credit report once a year.
But you can monitor your credit information as often as you want particularly if you have an internet access.
This can also help those individuals with bad credit to repair it on their own.
Whether you want to protect your credit reputation and your identity, or you need to mend your bad credit rating, the first thing that you must do is to view or to have a free copy of your credit report.
Your free credit account contains: oIdentification Information - This part holds your full name, aliases and nicknames, current and previous addresses, birthday, social security number, employment history, present and past employers, and your civil status.
If you are married, it may also contain information about your wife/husband.
oCredit Details - this portion will reveal the number of credit cards you have and your accounts in financial firms like credit card companies, lenders and banks.
Also found in this section are details about your credit limit, where and you opened your account and your payment history.
oCurrent Inquiries - here, you can see who has requested for your credit rating or who has read it.
This part also has a list of all the inquiries made in your report for the past two years.
oDetails about your Public Record - this segment includes financial judgments, declared bankruptcies, and all other financial information that are declared to public.
If you are monitoring your credit history and you know your rights on credit reporting, you can't just safeguard your privacy but you can also get a second chance even if you have made mistakes on your past loans or mortgages.
The state laws and the Federal Fair Credit Reporting Act limit the persons who can access your crucial credit information and the uses that can be made out of it.
Also, such state and federal laws put standards for the operation of the credit bureaus.
Here's a summary of your credit reporting rights: oYou have a right to a free credit report copy annually.
oYou have the right to know who can gain access to your credit account including those who has inquired and requested for your credit rating for the past six months.
oYou have the right to dispute negative or inaccurate information and factual errors.
oIf there's negative information in your record, you have the right to explain or clarify the circumstances.
oYou have the right to "opt-out" or to remove your name from the credit bureaus' mailing list.
This will prevent CRAs from using your details for marketing purposes.
oIf your rights have been violated, you have the right to complain to the right government agency and file a lawsuit.
The "big three" national consumer reporting agencies or credit bureaus, Equifax, Experian and Trans Union, are the mandated by the United States Federal Trade Commission to give you a free of copy of your credit account annually, if you have asked for it.
But there are times when you can get a free copy of your credit report for special situations.
The law that provides you with a free copy annually does not have an effect on your right to obtain a free report in such conditions: oIf your credit application has been denied, you can request a copy of your credit history within sixty days.
oIf your credit record has been changed based on the investigation that you have requested.
oIf you will apply for work in the next sixty days.
oIf you are on community welfare assistance oIf an unfavorable verdict associated with your employment has been made based on the information in your file.
oIf you have enough reason to think that your file has inaccurate information because of identity theft or fraud Moreover, there are seven states that provide their residents with the ability to get credit information without charge aside from the nationwide annual credit statement via the FACT Act.
The said states are Maine, Georgia, Maryland, Massachusetts, Vermont, New Jersey and Colorado.
It's easy to get a copy of your credit record since all consumers are entitled to a free credit report once a year.
But you can monitor your credit information as often as you want particularly if you have an internet access.
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