How to Request Credit Report
If you have ever needed credit advanced to you then no doubt, you know what a credit report is. This document is provided to all individuals (upon request) to help them keep a track of their monetary transactions and funds available to them. This article will give a detailed explanation on the various means by which a credit report can be obtained.
This report is generally provided at a regular interval of 12 months to every person upon request. But not many know of the procedure required to accomplish this task. The task of requesting a credit report is rather easy because of the numerous online versions available. The website named annualcreditreport.com which was created in the year 2003 is jointly run by the 3 major bureaus: Trans Union, Equifax and Experian. Recently, another small scale bureau, Innovis has also become involved in the same. However, initially the website was started by the major institutions to comply with the order stated in the Fair and Accurate Credit Transactions Act.
The Fair Credit Reporting Act states that every major bureau needs to provide a detailed credit report to every citizen at an interval of 12 months for free upon request. The main objective of this act was to ensure that identity theft was completely abolished. After the act was published, the 3 majors got their hands together and created a joint venture named Central Source LLC. This company has provided a toll free number along with its email address and mailing address so that all requests pertaining to credit reports can be directed to this institution.
Some of the information that needs to be rolled out by the consumer before registering with the annualcreditreport.com is name, address and the social security number. A social security number is a value that has been issued to every citizen who is either a permanent resident or a temporary one based on the Social Security act. After the inception of these details, the user can select the bureau under which he wants to report. Following the selection of the reporting bureau, another set of security questions are put forth so as to confirm the identity of the individual and prevent identity theft.
Though the questionnaire session is a bit long it is worth it, with the individual getting provided with plenty of options on how to obtain the credit report. One can opt for all 3 credit reports to be mailed in at the same time or receive them intermittently; at regular intervals of time so that he or she can have a crisp idea about their monetary positions. In case of any discrepancy in the report, it can be handled by following the regulations provided under the FCRA.
A credit report is therefore a very useful tool that is aimed at helping an individual obtain loans and that also plays a key role in helping the lender to determine whether to trust the former or not. So hurry and register your name on the website and claim your credit report.