Copy Of Credit Report

Due to the increasing volume of identity thefts in the world today, monitoring your credit is more important than ever. When you’re unsure of what your credit report looks like, you could be in for some unpleasant surprises the next time you try to obtain credit. If you have poor credit and would like to improve it, you’ll also need a copy of credit report to develop a game plan. If you’ve ever shopped online for a copy of your credit report, then you know they don’t come cheap – especially if you’d like to order one from each credit bureau, which is highly recommended.

Why You Need Copies from Each Credit Bureau

There are three credit bureaus or credit reporting agencies: TransUnion, Experian and Equifax. Any time you apply for a line of credit, there’s no way of knowing which copy of credit report the prospective creditor will use to make their decision. Some debts may appear on one credit report, but not on another. That is because some creditors only report to a single credit bureau, while others report to all three; as a result, inaccurate information could appear on two credit reports, but not on the third. In order to get the big picture about your credit rating, you need to get a copies of your credit report from all three agencies.

Get a Free Copy of Credit Report When You’re Denied Credit

Any time you are denied credit, the creditor must give you a specific reason or reasons for their decision. Usually, they do this by sending you a letter in the mail. When your letter arrives, read it closely; somewhere within it, you’ll find an address for the credit bureau that the would-be creditor used to get your credit report copy. Under law, you are entitled to request a free copy of the credit report that was used if you are denied credit. Make sure to take advantage of this offer.

You’re Entitled to One Free Credit Report Copy Per Year

The Fair Credit Reporting Act, or FCRA, requires the three credit reporting agencies to provide every person in the United States with free copies of their credit report once per year. Unfortunately, many unscrupulous online companies try to take advantage of people by claiming that their credit reports are free. If you are asked for a credit card, then you’re not signing up for your legitimate free copy of credit report. Visit www.annualcreditreport.com to get one free credit report copy from each of the three credit bureaus.

Keeping your credit in good standing is important. Free copies of your credit report are a great place to start, but if you use credit cards frequently or make online purchases very often, then it’s probably in your best interest to pay a monthly fee for credit monitoring services. Any time changes to your credit report are made, alerts are sent to you. Usually, you’re able to access a copy of credit report on a regular basis as well. If problems arise, you can catch them early and dispute them quickly. In the long run, this will save you a lot of grief.