Get a Free Copy of your Credit Report
It is vital that you take a look at your credit report every so often, on a consistent basis. Changes to your credit score or report can affect your ability to apply for loans or get financing for the things that are important to you. You should learn how to accurately read your credit report, and take note of any recent activity that shows up on the documents. Remember that employers and consumer companies will look at your credit score to determine whether or not you are fit for employment or for financing for a certain item.
How Often Should I Read My Credit Report?
It is important to review your credit at least once per year, and perhaps more if you have a lot of credit activity.
Every four months is recommended if you run or own a business, as quarterly statements can help you keep track of the way your credit score is moving. It is a great idea to review your credit report every four months, as each of the three main credit reporting services – TransUnion, Equifax, and Experian – send out a new version of your credit report every four months. They employ this practice in order to prevent errors and to keep your credit score as relevant as possible.
How to Obtain a Free Copy of Your Credit Report
The three major credit reporting agencies are required by federal law to provide consumers with a free copy of their credit reports once every twelve months. The Fair Credit Reporting Act of 1970 required the three creditors to provide this yearly free service on an individual level. You can take advantage of this Act and obtain your free credit report by calling their toll-free number. Although they are three separate agencies, they combine their scores as well as their contact and mailing information into one location to make it more convenient for consumers. You can pay for another copy if you would like to view your credit score more than once per year.
The Biggest Reason for Viewing Your Credit Report
There could be a lot of reasons why you are interested in taking a look at your credit report. You may want to keep up on recent credit score changes; or you may need to print copies of your report to bring to a lender or real estate agent. One of the biggest reasons to keep track of your FICO credit report, however, is to ensure that there are no errors. Erroneous information can occur on your report, and agencies have been known to mess up from time to time. You’ll want to spot the error as quickly as possible, because the process of getting it removed can take a while.
Get Another Free Report
There is another way to earn more free credit reports. If a company makes a negative decision, such as denying your application for a new line of credit, denying you employment, or denying you a loan based off of your credit information, you can request a report within 60 days of this adverse notice. If you are unemployed or on welfare, you can get a free report – as long as you will be going to work within two months of requesting the report. Finally, if you have been the victim of identity theft, you can obtain a new report to correct any errors that might have occurred.
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