10 Questions to Ask About Your Free Annual Credit Report

10 Questions to Ask About Your Free Annual Credit Report

In a world where spending is reduced and budgets are smaller than ever, the credit score can often be forgotten in place of everyday life events. Many consumers are hit with the reality of a lower than average score when they try to apply for new credit in some form. Keeping track of your history is important for establishing new credit, maintaining current low interest rates and keeping a hold on your worthiness. When choosing a free annual credit report (free credit report gov com), there are 10 questions many consumers have about these reports.

1. What is a free annual credit report? The Federal government ensures every consumer can watch their rating by forcing the three main credit agencies, Equifax, Experian and TransUnion to offer one free report each every 12 months.

2. Who are these credit bureaus? Credit bureaus are businesses that collect credit information based on the reports of their partners. These partners can include mortgage lenders, banks and utility companies to name a few.

3. How is new information reported? The lender keeps in contact with the bureau via computer. The lender chooses how often to report the status of the loan, but every 30 days is the most common report time frame.

4. Are all three reports the same? Each of the free annual credit reports will be different. Not every lender chooses to report account status to every bureau. In some cases, the credit score will differ greatly between the three which is why a combined, or average, score is often taken into account.

5. Who can see my free annual credit report? Only you can request the free file. However, in certain cases, others can see your credit information. If a consumer gives permission for a loan check to be run, the credit file will be accessed. Courts of law also have permission to access the credit file with due cause.

6. How long are files kept in regards to lender reports? The files in a credit history can stick around for as long as 10 years. Tax liens are shown for up to 15 years. Good reports normally remain on file for a minimum of seven years and requests for information drop after two years.

7. When is the first free annual credit report available? From the age of 18, a credit history will be available for every social security number in the United States. Often, these first reports have little or no information and may come with a lower than average credit score because no credit history has been established.

8. How often should I check my [linkoptimizer:1]? Three files are available every year. One from each credit agency. While a minimum of one request a year is suggested, the consumer can choose to run one report every four months if they switch credit bureaus each time.

9. How is information on a credit file changed? If a problem is found on a report, the consumer will need to file a complaint. Once proof is found that the problem is not at the fault of the consumer, it can take 30 to 60 days, or more, for the information to be fixed.

10. Will be credit score be lowered by claiming the free annual credit report? No. When a consumer requests their own credit file, there is no affect on credit score.

11. Will the credit score be lowered by claiming the ­Free Annual Credit Report? No. When a consumer requests their own credit file, there is no affect on credit score.

For more information please visit ­Free Annual Credit Report [http://freeannualcreditreportz.net].

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