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Free Annual Credit Report - 3 Reasons to Get One
Managing your credit history is a very important step in creating wealth in your life. Some it is based on handling your money and credit correctly. The other part though is when it gets reported as well.
Every person in america has a credit rating. For many people it's blank. They do not have a record yet of how they handle history. For some people it might fill a large volume of encyclopedias. The question becomes is your credit rating accurate?
The federal government necessitates the major credit bureaus use a copy of your credit history for free once a year. That is why you will often hear people talk about the free annual credit report.
It isn't just like your credit score though. You should realize that your credit rating is still difficult to determine as each company calculates them differently.
The 3 major credit agencies are Experian, Equifax and Transunion. Think of them as giant record keepers. They get reports from credit card companies, automotive loans, home loans, along with other areas. Not every company reports to any or all three. Many will only report your information to one or a couple of them.
You will find three major causes to get a copy of the free annual credit history. We will discuss all of them in greater detail below.
Inaccuracies Identify Theft Forgotten Credit Lines
Inaccuracies can riddle your credit score. The systems involved in collecting this post is not perfect. It's very entirely possible that details are reported to the company incorrectly. For instance your charge card company can report that you had a card be placed into collections. It may happen from an employee mistyping information into a computer program.
It's also possible that someone else's credit has been sent under your identity. I've got a friend whose name is equivalent to her sister in law. They share first and last names but have different middle names. When she went to apply for a loan on the home, these were very confused by her credit history. They lived in various states, had different jobs, and various financial histories. The credit bureaus had mixed them up in places.
It took some time to get everything corrected so she could purchase her home. Obtaining a copy will allow you to find these errors quickly and get them corrected.
Identify Theft is a growing problem in the world. Obtaining a copy of the credit rating makes it possible for you to identify out if someone has stolen your individual information. The loan bureaus can have any credit that's opened inside your name. By checking it regularly you can prevent this. You can also request that they put a freeze on your credit. This prevents anyone from opening credit in your name. Just be sure you remove it when you are getting prepared to make an application for credit.
Forgotten lines of credit might not appear to be a big deal but they could be. It is not a good idea to have credit lines going swimming. I discovered a few store credit cards on my small report that I had completely forgotten about. I'd gotten them when I was much younger and establishing my credit.
I kept the credit lines but requested they be frozen. I did not want to remove them as they would impact my credit score. I also didn't want to leave them laying around just in case someone got the data and started using them.
