Why You Should Check Free Credit Reports Often

Do you know how important free credit reports really are? Do you even know your current credit status? If you don’t then you should check your free credit reports today and see where you stand before applying for any financial aid. The Fair Credit Reporting Act or FCRA has made it a law that the three credit-reporting agencies must provide consumers with a free credit report each year. As a result a central source has been set up to provide individuals access to their free credit reports at AnnualCreditReport.com where individuals can request their free credit reports either through the internet, over the phone or by mail.

Check Free Credit Report Often

Getting your free credit reports is very important since it gives you an up-to-date look at your current credit status. Your current credit status will determine your creditworthiness which is the basis for determining your credit score. Those with a high credit score can apply for any type of loan and get excellent rates. However, those with a low credit score will experience the exact opposite. It will be difficult when applying for avenues of credit and you will often get higher interest rates. This is why it is important to check your free credit reports and correct any errors before trying to apply for credit.

There are other benefits to free credit reports as well. When you request a free credit report through one of the three main credit-reporting agencies you will also get beneficial educational material. These materials will help explain the content of your credit report, how you can fix any errors and how you can better protect yourself against identity theft.

You will be eligible for a free credit report through the government if you fit into one of the following categories. If you have ever been denied credit, housing, employment or insurance because of the information within your credit report during the last sixty days then you can get a free credit report from the bureau that reported the information. If you have any adverse action against you because of the information in the report. If you are unemployed and looking for employment in the next sixty days. If you are receiving certain public health benefits. And lastly if you believe that your credit report is inaccurate due to fraudulent activity.

If you find an error with your free credit reports then you need to contact the credit-reporting agency as soon as possible. Your information will be reviewed by a specialist who will help you find a solution to your problem. The specialist will often contact creditors for you to investigate the matter.

Free credit reports are an important part of your financial statement and you should check them regularly. If you ever find an error on your free credit reports then you want to get it corrected right away to solve future financial problems. Any uncorrected financial history can stay on your report for years, damage your credit rating, affect your ability to be approved for new credit and lower your chance of getting good interest rates.

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