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Most of people know well how can some bad record on their credit history affect their credit score or how important it is to know about their FICO credits score, but such people also exist who know nothing about these. If you also don’t know about these serious issues of your financial life, it’s time to know as it can be very helpful for you to sail smoothly in these days of worldwide economic gloom.

If you want to get a free copy of your annual credit report, you can get through some online sources that allow you to download your annual credit report from all three major credit reporting agencies. Similarly, you can also write a letter to these credit report agencies for the free copy of your annual credit report.

But when it comes to the FICO score, you can’t get it in the same way, as you have to pay for getting your FICO score. Usually, when you sign up for your annual credit report from different credit reporting agencies, you are also asked whether you would like to buy to FICO score, and you have to pay nearly $10 to $15 to get this score.

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These are the days of worldwide economic gloom, and the number of people who have forced to declare themselves bankrupt has not only increased in the US, but also in many other countries of the world. But people who are considering declaring themselves bankrupt must keep this fact in mind that it be devastating for your credit score. It’s such a thing as lender sees first to know whether you are credit worthy or not. Most of people whom you meet or consult regarding your credit report may seem to explain that it is not possible to remove a bankruptcy from a credit report, however, it’s not true as you can dispute not only bankruptcy, but any other black mark on your credit report. If you have words like unworthy or risky on your report, it becomes somewhat impossible to secure some loan.

You must keep this fact in mind that credit agencies are bound to verify each and every information that exists on your credit report, and if they cannot verify this information (no matter whether negative or not), they have to remove this information from your credit report. The burden of verification is always on the credit agencies, as it has been described in the Fair Credit Reporting Act. You must also keep this fact in mind that the credit agencies are not authorized to carry investigation about public records and these are only courts that can verify such sort of records. Though credit reporting agencies seem to claim that they can verify these records, in actual they can’t.

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You definitely need a sound credit record to make your financial life run the way you want it to run, but it is also a fact that most of  people have some kind of bad credit that clings to their credit report like an incurable disease. You can’t succeed to get loans, buy a vehicle or get approved for a home loan if your credit record is not quite good. Usually, lenders review your credit report whenever you apply for home loan, credit card, car loan etc.

The three major credit agencies that are also known as credit bureaus get information about consumers and sell the information to those who want to know about your credit record. The others can easily view information related to you whenever you apply for some loan or job. Credit agencies attain your information from all those creditors who have done some business with you. Your report is sent to credit report bureaus to review if you get defaulted. If you want to block some information to and don’t want them to appear in your credit report, you need to adopt a nip in the bud policy and contact with your lenders regarding such information instead of beating a path when such information become a part of your credit report.

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Most of consumers seem quite confused and somewhat worried regarding charge offs on credit report.  Charge-off is an accounting term that creditors use to eliminate bad debt from the balance sheet of their company. When the lenders don’t receive payment on some account after or within 180 days, they usually charge off this debt. The creditors report these charge off to the credit report agencies to show someone payment history. These accounts are often sent to some collection agencies where they remain as long as they are not settled.

In most of cases, the collection agencies report these collection accounts to the credit agencies and they cause two black marks on your credit report. One can report such sort of account for seven years from the last date of activity. You must keep it in mind that your credit can be destroyed by such accounts and they prevent you from getting any kind of loan, some apartment or job.

Only few may know that even if you have paid such charge off, still it is reckoned negative on your credit report. Similarly, there is considerable number of people who put each and every effort in repairing their credit and they just go on thinking that they can succeed in their efforts just after paying off previous debts. They assume that these debts will be eliminated from their credit reports. However, these people must keep in mind that even if you pay old charge offs on your account, they can still remain on your credit report for long.

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If you want to keep yourself on top of your credit, it is quite essential to obtain your free annual credit report, as you can find out or remove existing errors and wrong information in your credit report and can maintain a sound credit score. Everyone knows how difficult it becomes to receive a loan with reasonable interest rates when credit score is low.

Equifax, Trans Union and TRW are three credit agencies that nationally operate to develop your credit reports. You can obtain your free credit reports from these three credit agencies. To obtain your annual free credit report you can contact these credit agencies and can ask for your credit report. You can also contact your local agencies in this connection, but you have to pay some amount to these services to get your annual credit report.

It is not so that you can automatically receive your credit report without making a request for it, as you have to ask the credit agencies to get a free copy of your annual credit report. There are several options that you can utilize to obtain your free credit report, as you can get online for this purpose or can make a call to these agencies for your annual credit report. However, a safe and secure way is to write down a request letter for your credit report to these credit agencies. The thing you must keep in mind is to use an authorized courier service to send your request to the credit reporting agencies.

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