Free Copy of My Credit Report
I am allowed a free copy of my credit report every year and so are you! The federal Fair Credit Reporting Act enforced by the Federal Trade Commission requires that the three credit reporting agencies (Equifax, Experian and TransUnion) provide everyone a free copy of their credit report every 12 months.
Why is it a good idea to check my credit?
It’s a good idea to review your credit report and score on a regular bases for several very important reasons including: Identity theft, inaccuracies, unauthorized activity and to see who has been checking your credit aside from you.
Why do you need to have good credit and a high credit score?
There are many reasons to maintain a good credit history and keep your credit score high. One of the most important reason is securing a loan. Every time you apply for a loan (car loan, home equity loan, student loan, mortgage, etc.) your lender checks your credit report to help them decide weather to accept your loan application or not. An applicant with poor credit and a low credit score is in most cases denied. Credit card companies also extend lower interest rates to applicants with the best credit and highest credit scores.
Credit checks affect your credit score!
Keep in mind that everytime you give a lender, credit card company or anyone else permission to check your credit, it lowers your credit score. Having more than one inquiry in a short period of time is not a good idea. This does NOT include when you check your own credit or get your free copy of your credit report.
Where can you get a free copy of your credit report?
There are many websites that offer a free copy of your credit report but most of them will only do it if you sign up for other services like “credit monitoring.” The only place recommended by the Federal Trade Commision is “annualcreditreport” dot “com” which is set up by the three credit reporting agencies. You can also call them at 1-877-322-8228.
If you’ve already gotten your free credit report for the year, you can get an additional copy of your credit report if you have been denied credit (credit card, loan, etc.) within 60 days. You can also purchase a copy if you need to for about $10.
For More information and FAQ, visit the Federal Trade Commission’s website at “ftc” dot “gov”