Many people today are concerned about their credit reports, and with good reason. Your credit report is very telling about how you manage your finances and handle the credit that you have been granted. When your credit report reveals that you pay your bills on time and you are a good credit risk, credit card
companies and banks will offer you loans and credit cards with the best interest rates and terms. With good credit, you can get a mortgage with a low interest rate and save up to $40,000 over the life of the loan. The individual with poor credit may be able to obtain a mortgage or a loan, but this person will pay much more money in interest rates.
Who Accesses My Credit Report?
Your credit report is accessed every time you apply for a rewards or cash back credit card, a loan or another credit account. If you apply for cable TV, the company will check your credit rating. If you apply to rent an apartment, then landlord or management company will check your credit rating. When you apply for certain jobs, your potential employer may check your credit rating. Finally, your car and homeowners insurance carrier will check your credit rating. Maintaining a good credit rating is essential for living the life you want to lead.
How Do I Get My Credit Report?
You can get your credit report by ordering the report from the credit bureau. Three major credit bureaus track consumer credit records. Ideally, you should get your credit reports from all three companies. The law requires that each of the three companies provide consumers with one free copy of their credit report per year. Getting your free credit report each year is simple. All three credit reporting bureaus provide their free report service through AnnualCreditReport.com. Simply visit the site, complete the online form, verify your identity and you will have access to your credit report from each company.
You can obtain additional copies of your credit report throughout the year for a fee. Visit each credit bureau website and order your report. Equifax offers a service where you can order your reports from all three companies at one time. The Equifax 3 in 1 Credit Report with FICO Score provides you with three reports and your true FICO score.
If you apply for credit and you are denied, you are entitled to a free credit report from the credit bureau that the company used to determine your creditworthiness. If you are denied credit, you will receive a letter in the mail explaining the information the company used to make their decision. The name of the credit bureau is listed. In addition, you will find information about how to receive a free copy of your credit report from this particular credit bureau. You must request your free report within a specified period of time, generally 30 days.
Be sure to check your credit report on a regular basis. Your credit history will follow you throughout your life. Negative information can stay on your credit report for up to 7 years. Handle your credit wisely and save money.