My free credit report
Why does everybody need a copy of My Free Credit Report?
Did you know that mistakes on your report can cost you thousands!
Lenders use your score to help them determine how eligible you are when applying
for credit cards , house loans , car loans and similar financial instruments.
Not only does your credit score determine if you will be granted a loan but also what interest rate you will
pay. If you have mistakes on your report and a low score you will generally pay more interest. Which
can add up to alot of money.
Dont let a small mistake on your credit report affect you when its so easily checked online.
There are basic things to learn about when getting a free credit report for the
first time .This step is vital in ensuring that the process flows efficiently and that you can benefit from
acquiring your annual credit report.
The government mandate to issue free credit reports on an annual basis is in line with their goal to protect
consumers against identity theft, provide useful personal credit information, and facilitate in proper credit
monitoring and repair process. And with the dwindling economic situation, I, too, realized the importance of
getting my free credit report to evaluate my own credit status and make the necessary adjustments.
But despite of this government policy, several Americans still report cases of identity theft wherein their credit
information are stolen and taken advantage of by others with malicious intent. Thus, your annual credit report is
important so you can periodically check your financial information and identify unauthorized transactions and have
the information corrected right away.
What Information Shall I Provide?
The process of getting my free credit report card started off with filling up of information that credit report
agencies needed to verify my identity. After all, this is considered a confidential information and part of the
employers, insurers, or creditors can access your report but not without your consent.
There are four basic categories of information that you must provide. These are personal information, credit
history, public records that reflect your financial status, and third party inquiries to your credit score.
What Is Contained In My Free Credit Report?
The content of free annual credit report will vary from one person to another. It
will generally contain reports from your credit activity for the past year and largely reflect your financial
stability and status. Among the financial information listed here are your loans, credit card statements, mail
order agreements, mortgages, and other banking facilities.
But the aspect of your report that you need to pay closer attention to would be those that indicate any late
payments, defaults, repayment status, missed payments, and the like. You can also use your credit report to keep
track of loans that you applied for, as well as whether you got the approval or not.
How Do I Make Use Of It? Whenever I get a copy of my free credit report, the first
thing I do is check it for errors. After all, you should be aware of what your financial activities are and verify
whether the information reflected on your credit report is valid. If you fail to make appropriate corrections where
needed, it will be considered as valid and will be reflected in your future reports for insurers or creditors to
see. As much as possible, you are aiming for a positive credit score so you can be easily approved for future
financial transactions, such as loan, credit card, or insurance application among others. The lower your credit
score is, the lesser your possibility of getting an approval since you are deemed as a financial risk.