Posts tagged ‘free annual credit report’

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 [].

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Free Annual Credit Report

When is the last time you looked at your credit report? If you are like most people, you let months and even years pass between checking your 3 credit scores. Some consumers are unaware of how credit works or it simply scares them off. They think it’s too complicated or might be too expensive to request a copy of their credit report. But, this isn’t necessarily the case.

Sure, if you want to check your report every week or every month, you will have to subscribe to a costly credit monitoring service, but if you just want your free annual credit report then you can view it for free online. For most consumers, this free annual credit report is all they need to keep their credit healthy and in good standing.

Why is it free? There is a federal law in place which allows consumers to check their credit reports from the 3 major credit reporting agencies (Equifax, Experian, and TransUnion) once a year without any cost associated with it. This is a called a free annual credit report. As a consumer, you are entitled to see the contents of your credit report so you can make sure there is no errors or fraud. If any errors are spotted, you can work with the credit reporting agencies to fix or eliminate them before they do serious damage your credit. It is highly recommened that you take advantage of these free annual credit reports.

As a responsible consumer, you should always be aware of the contents of your free annual credit report. After all, your credit report is what lenders are looking at when you try to get an auto loan, mortgage, line of credit, or any kind of loan in general. They can see any current loan you have, how often you pay them back, and whether or not you are late on any payments. Paying your loans back on time every month shows lenders that you are a low risk and you will be able to secure a loan. Having a clean and responsible credit report is key to securing any kind of loan or line of credit.

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With identity theft on the rise, it makes checking your free annual credit report even more important. The last you thing you want when trying to build your good credit is someone stealing your personal information and then taking out loans with your name. These ID thieves will also open lines of credit in your name with no intention of ever paying the money back. This can do serious damage to your credit and make it impossible for you to ever buy a car or home, so it is vital that you are checking your credit report at least once a year.

There are many different websites online that will allow you to check your credit reports, but a lot of them will charge you. If you want to request your free annual credit report, you should visit which is a government owned website for consumers to get their report once a year without any kind of cost. It will show you your reports from the 3 major reporting agencies – Equifax, Experian, and TransUnion.

When viewing your free credit report, make sure you are checking everything in detail and keep these tips in mind. Look closely for any fraud or errors and report them immediately. Make sure lenders are reporting your payment habits correctly. If you notice any old debts that are still unpaid, take care of them to improve your credit. Remember, credit is an important part of your financial life. Make sure you are checking your free annual credit report each and every year!

Free Credit Report -vs- Free Credit Score

Most people believe that their credit report is the most important document to keep an eye on. Well..Yes and No. Sure, it’s an important first step to perform, i.e. getting your free annual credit report. BUT HERE’S THE UGLY TRUTH: When it comes time to get that auto loan or mortgage loan, most lenders will go straight to your credit SCORES and NOT your credit reports. Your credit report only provides the raw data that goes into figuring out what your score is.Your lenders may or may not even bother taking the time to peruse through your credit report to see what factors affected your scores

Annualcreditreport does NOT provide your credit scores! You have to purchase them individually from the 3 major credit bureaus in order to see them.Your scores do NOT come free with your annual credit report.

But once again, it’s your SCORES that ultimately determine whether or not you’re considered creditworthy for that loan you’ve applied for. It also sets your loan interest rates for mortgage loans, auto loans, personal loans, etc. The better your score, the lower your loan interest rates and monthly payments. So it’s vital to check both your free annual credit report AND credit scores. With the former, you can perform a credit check once an year from For the latter, there are various free credit score gov programs that you can utilize.

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So, once again, how do I get my 3 credit reports and scores for free?

Getting your free credit reports from all 3 credit bureaus is your right by law. Through you can view your free annual credit report once per year. As a consumer, it is your right to request and view your credit reports fore free once a year. But if you’re interested in seeing your credit files more than once per year, you’ll have to pay for this. You will also have to pay for your credit SCORES since these are NOT included with your annual credit report for free. But as mentioned before, there’s always free credit score programs you can utilize.

Importance Of Checking Your Credit Reports & Scores Regularly

Most people don’t view their credit report or score on a regular basis. This makes it virtually impossible to catch errors or fraud. When they go to get a loan, they are often shocked at how high their interest rates are – or worse yet, they are denied completely for that important loan. Don’t let this happen to you. Make sure you are checking your credit report at least once a month.

Also, whenever you pay your credit card bill, mortgage, or any other loan it is reported to the 3 main credit reporting agencies. These agencies include Experian, TransUnion, and Equifax. Their job is to collect data on potential loan applicants and give this information to lenders so they can give loans to people who are more likely to pay the loan back. So paying on time is just as, if not more, important.

On our site, you can explore the differences between a freeannualcreditreport and credit score. Learn what the average credit score is. Learn how to understand the information on your credit files, and tips on how to improve your credit if it is less than ideal. Make sure to read all of this information as it was written so that consumers could be more aware of how their credit works.

For more details on free credit score programs, click here