Free Annual Credit Report

Before applying for your free annual credit report, there are a few facts that you need to be aware of. The following article will detail some of the aspects of free credit reports that you may or may not know about so that you can be informed before requesting your own credit report.

Free Annual Credit Report

If your free annual credit report has an error on it, you do have the option of disputing the mark. Negetive marks on your credit report will dramatically hurt your credit score and may even affect your ability to apply for a loan or other line of credit. The Fair and Accurate Credit Transactions law allows a consumer to dispute any mark on their credit report and will make it so the credit bureau has to contact the company that filed the negetive report and get proof that you were negligent on a payment or debt. If it turns out that the negetive mark was indeed an error, then the credit bureau will then issue another free copy of the annual credit report with the necessary changes. They also will inform the other consumer credit bureaus of the chances made to your data.

You also need to be aware that the only people with access to your free annual credit report is yourself and your creditors, insurance companies and potential employers and financial institutes. If you wish for other third parties to get access to your annual credit report, you must give written approval to one of the credit bureaus so that they know that you have given your permission.

As a consumer, you have access to your annual credit report yearly and may request it from the three major bureaus for free once each year. If you wish to check your credit report multiple times each year, you have the option of only requesting it from one of the bureaus each time you want to view it. Thus you can check your credit report through Experian in January, through Equifax in June and through Transunion in October (or any other time that you wish to spread out your inquiries). This will allow you to get a more accurate picture of your credit report and credit history throughout the entire year rather than just checking it once.

These are important facts that all consumers should know about their free annual credit report. Since your credit report is a crucial piece of your financial history, it is important to be informed about how the process works and what your rights are as a consumer.