Credit experts always advise consumers to get a copy of their free annual credit report but many often ignore this advice. If you are thinking about getting a home loan, car finance or even a credit card, it might be prudent to view your own credit ratings history before you apply. With credit policy being tightened across the board, financial institutions find themselves more inclined towards turning down average or below par applicants with poor credit ratings.
Get Free Credit Report – Quick Consumer Credit Guide
Every US citizen is entitled to free copy of their annual credit report from each of the three credit bureaus. This can be done in three ways:
1. ONLINE: Visit the website www.AnnualCreditReport.com. Please be aware that this is the only authorized website through which consumers can access their credit report for free and others are likely to be “free” credit report scams.
2. PHONE: You can call the hotline at 1-877-322-8228. However please bear in mind that free annual credit report requests over the phone take about 15 days to process.
3. MAIL : If you wish to order your credit ratings history by mail, complete the Annual Credit Report request brochure and mail it to Annual Credit Report Request Service, PO BOX 105281, Atlanta GA 30348-5281
Please remember that consumers are entitled to only one free credit report each year and each additional request incurs a charge of about $10.00. In addition to this, please also keep in mind that approaching a consumer credit agency directly will also incur a charge.
Order Free Consumer Credit Report – Advantages
Even though it is free, many consumers do not order their free consumer credit report because they believe it is pointless. However, regularly checking one’s credit rating history has several advantages, some of which are:
- Credit Report Errors: Viewing your free annual credit report regularly will allow you to pick up on any discrepancies and credit report errors that might have crept in to your credit report such as:- Payments not being credited to your accounts
- Incorrect defaults shown on your account
- Credit applications or enquires not applied for
- Incorrect bank judgments and defaults, etc
- Viewing your own Credit Ratings Score: Obtaining your own credit ratings history enables you to view your own credit score and thereby see your credit standing
- Identity Theft : Viewing your annual credit report frequently could protect you against identity theft. Identity theft has been growing at an alarming rate in the country and it might be a good idea to ensure that you are not a victim. In fact, identity theft victims legally qualify for free credit reports at any time of the year.
Adverse Circumstances – Obtain Free Consumer Credit Ratings History
Apart from identity theft, certain other adverse circumstances qualify a consumer for a free credit report which can help them view and if necessary, improve their consumer credit history.
- Negative Outcomes: If you have been denied credit or employment based on adverse comments in your credit ratings report, you can obtain a free credit report within 60 days of receiving notice of the action.
- Unemployment: In case of unemployment, consumers are entitled to a free credit report within 60 days from the date that they lose their job. Under these circumstances you are only allowed one per year.
It is recommended that consumers review their credit reports quarterly or half-yearly as it has been found almost a quarter of all consumer credit ratings reports contain errors. By regularly obtaining and viewing your free annual credit report, you can prevent and rectify errors in your credit ratings history to improve your personal credit ratings history and maintain a healthy credit standing.