Free Annual Credit Report

If you don’t have a high FICO score, your financial life is undoubtedly very difficult to manage. Trying to get a home or auto loan, a decent credit card, or any other type of high risk loan is almost impossible if you have a bad credit report or score. Most people, however, don’t actually know what their credit score is until it is time to take out a loan from a creditor. Thus if their credit is damaged, they don’t have any time to repair or restore their credit before trying to qualify for a loan.

The good news is that you can easily request a copy of your credit report from the three major bureaus so that you know exactly where you stand credit wise. There are a couple of reasons and benefits for consumers to get a copy of their credit report. The most important reasons are as follows:

1. Identify Errors and Omissions on your Credit Report - It is safe to say that more than 75% of the general population have errors on their credit reports and don’t even know it. Most of the time, the simple mistakes can be cleared up with a simple letter to the bureau or online submission. Other times, it may be more difficult and the process can be very lengthy and drawn out. Regardless of the course of action that you take, your credit score can be improved dramatically by identifying and reporting mistakes on your credit report.
2. Detecting Fraud - Identity Fraud can cost consumers thousands of dollars and go on for years without the individual being aware that anything is wrong. There are many things that you can do to protect yourself from Identity Theft and requesting a copy of your free annual credit report.
3. Identify where you stand credit wise - With FICO scores, it is always better to be informed than ignorant. If you are aware of your credit status then you can do something to fix it.