Significance of Free Credit Reports

Having any difficulty in convincing money lenders believe that you are authentic and have genuine reasons to borrow? A free credit report will give you a detailed statement of your financial standing.

Some of the key features include:

• Unlimited access to 3 credit scores from the major bureaus, that is, Equifax, Transunion and Experian. Using the methodology designed by FICO, these credit scores are designed to inspire confidence in creditors in your financial ability to pay pack debts owed to them.
• Day-to-day Credit Monitoring. To keep you in the loop on your credit rating, there are a variety of ways in which to alert you in the event that suspicious activity such as changes that are synonymous with identity theft are made to your financial details. You will receive alerts via text, email and phone calls.
• A Comprehensive breakdown showing factors that are affecting your credit ratings.
  Theft Insurance. When you subscribe to our services, you will receive theft insurance to protect you from identity theft to an extent of $1 million.
• Customized Customer Care. We offer top notch fraud assistance to all of our clients in the event that they are victims of fraud.
• Card Monitoring. In addition to monitoring your credit scores, our services also include monitoring all activity on both your debit and credit cards.
• We also offer public record monitoring customers to all of our clients.
• Free Trial. Our 30-day free trial will give you a good idea of how great our services are. We also offer very competitive prices; $14.99/month.

Equifax, Experian and TransUnion sell credit reports to financial institutions from which you apply credit from. The Federal Trade Commission implemented the FCRA to provide the accuracy and privacy of the information provided in your credit report. This has made it possible for individuals to obtain a free credit report from annualcreditreport.com once every year.

Why You Need A Free Credit Report

If you have an outstanding loan from a financial institution such as a bank or even own a number of credit cards, then it is important to note that your lenders have referenced your credit history.

A credit report will give a history of your financial standing and thus give lenders an idea of your current and past financial obligations and a detailed payment pattern. This information in turn is used by lending institutions to determine whether or not you qualify for either a credit card or loan from them.

To avoid confusion on why your credit card application was declined or why your interest rates have gone through the roof, you ought to take advantage of our annual free credit report which will give you up-to-date credit scores. This way you will get to know of your chances of purchasing a vehicle on credit, renting a house or even getting a loan.

By agreeing to receive free credit reports, you are able to detect any erroneous details or even unauthorized credit card use. This would ensure that you are not a victim of identity theft.

Requirements For A Free Credit Report

In order to acquire your free credit report, there are a number of details that you need to provide:

• Name
• Home Address
• Date of Birth
• Social Security Number

Getting Your Free Credit Report

To make the whole process of acquiring your free credit report more convenient, the three major consumer reporting entities have coalesced and established a single website, toll-free number and mailing address from which you may be able to obtain your free credit report.

You can only apply for your free credit report through annualcreditreport.com. The three major credit companies will only respond to your application through your application on that website.

Be cautious of websites that claim to provide free credit monitoring, credit scores or free credit reports as these are most likely phoney sites trying to scam you. One tell-tale sign of scam sites is that they will ask you for your personal information online. If you suspect that a site is out to scam you, make your concerns known to the Federal Trade Commission as soon as possible.

Once you’ve requested your credit report from www.annualcreditreport.com you will be able to gain access to your free credit report instantly. If you choose to use the mail order form or toll-free number, your credit score will be available in about 15 days. In case of any delays, the credit bureaus will contact you.

Correcting Errors In Free Credit Reports

In some instances, you may find erroneous details in your credit report that require immediate revision, especially if they have a negative impact on your credibility as a borrower. According to the FCRA, the lending organization and the credit bureau would be responsible for the commission of such errors and should make the necessary revisions.

Due to this, it is best to contact both entities, in order to have the errors corrected immediately. Instead of contacting the two companies via toll-free number or email, it is advised that you contact them in writing, detailing the dispute. It normally takes about a month for the dispute to be resolved by the credit bureaus.

According to regulation, any credit report under dispute cannot be considered as your free credit report. Once the dispute has been resolved you may therefore request a free credit report.

You get to decide on how you want to request your credit report as all three credit bureaus provide them on an annual basis. If you like, you may request your free credit report at one time or you may decide to request your free credit report at separate times of the year from the three consumer reporting companies. By making your requests at different times of the year, you will be able to accurately monitor the information shown on your credit reports.