A minor alteration to the fair credit reporting act was made in 2004 which states that you could get a credit free report from any of 3 major credit reporting agencies one time every year.
The informations comprised in the credit report can be used to assist the loaner find out what the rate of interest have to be on the loan or credit card. In case if you have the history of late or missed payments, you are at high risk, and to get extended credit, they'll probably ask you to pay the higher rate of interest. Insurance firms can also utilize this data to find out your insurance premiums that you pay on several kinds of policy.
Normally, the credit report comprises the below info:
•Where you presently live, whether you own a house, and how frequently you have moved.
•How many credit you've.
•How do you pay up the bills.
•Whether have you been arrested, sued, or charged for bankruptcy.
•What kinds of credit you've.
The info will be collected by, and accounted to credit agencies by following:
•Credit card services
•Loaners
•Employers
•Insurance firms
•Landlords
•Some other companies
These kinds of companies then utilize this data to find whether they need to:
•Extend the credit.
•Loan the cash.
•Rent you the apartment or flat.
•Provide the policy to you.
•Employ you as a worker.
The 3 Main Credit Agencies
It is essential to get the credit free report from any of the 3 major credit reporting agencies. As many services will only gather data from one agency, or might alone report to 1 or 2. By checking at all 3 bureaus, you could confirm the data’s are proper for each. The 3 main credit agencies are: Equifax, Trans Union and Exprian.
Other methods to obtain the credit report free
There are actually different situations in which you're eligible to obtain the credit report for free. Following cases are defined in FCRA (Fair Credit Reporting Act) and comprise:
•You're on welfare
•You're jobless and decided to start searching for an occupation within sixty days.
•You're the identity theft victim and have got wrong data on the credit report
•Because of the data on the credit report, you got the application denied. It comprises insurance policy, credit and job applications.
Tips and comments:
Beware of credit free report that is not actually free
Few services provide credit free report however bills some fee or ask you purchase the product (such as yearly credit protection). But before that you could obtain the credit free report. Such service which springs to the mind is freecreditreport.com that promotes their service hardly on TV. This service provides credit free reports but to you should accept to the seven day trial in any of their plans. If you do not revoke their plan within seven days (that could pass by in no time) you'll be charged 14.95 dollar.
So, my advice is to stick with the securest rule to follow. If they request for the bank account number or the credit card number, better stick to annualcreditreport.com.
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