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Free Annual Credit Report - 3 Reasons to Get One
Managing your credit report is an extremely important step in making money in your life. A good bit of it's based on your money and credit correctly. The other part though is how it gets reported too.
Everyone in the US 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 amount of encyclopedias. The question becomes is the credit history accurate?
The US government necessitates the major credit bureaus use a copy of the credit rating for free annually. That's the reason you will often hear people discuss the free annual credit report.
It's not just like your credit score though. You should realize that your credit score is still tough to determine as each company calculates them differently.
The 3 major credit bureaus are Experian, Equifax and Transunion. Think about them as giant record keepers. They get reports from credit card issuers, auto loans, mortgage loans, and other areas. Its not all company reports to any or all three. Many will only report your data to one or a couple of them.
There are three main reasons to get a copy of your free annual credit report. We'll discuss all of them in more detail below.
Inaccuracies Identify Theft Forgotten Lines of credit
Inaccuracies can riddle your credit score. The systems involved with collecting this information is not perfect. It is very entirely possible that information is reported to the company incorrectly. For instance your charge card company can report that you'd a card go into collections. It may happen from a worker mistyping information into a computer program.
It is also entirely possible that another person's credit has been sent under your identity. I have 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, they were very confused by her credit history. They lived in different 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. Getting a copy will help you to find these errors quickly and obtain them corrected.
Identify Theft is a growing issue in the world. Obtaining a copy of the credit rating can allow 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 are able to prevent this. You can also request they put a freeze on your credit. This prevents anyone from opening credit in your name. Just remember to remove it when you get prepared to make an application for credit.
Forgotten credit lines might not appear to be a problem but they could be. It's not smart to have lines of credit floating around. I found a couple of store credit cards on my small report that I'd completely forgotten about. I had gotten them when I was much younger and establishing my credit.
I kept the credit lines but requested that they be frozen. I did not want to remove them as they would impact my credit score. I also didn't wish to leave them scattered about in case someone got the data and started with them.
