The Fair Credit Reporting Act has guaranteed consumers access to their annual credit report for FREE from the 3 national credit reporting companies:
These three major consumer reporting agencies sell consumer credit reports to firms and financial institutions with whom we apply for credit and loans.
To secure the accuracy and privacy of all information provided in consumer credit reports, the Federal Trade Commission has implemented the Fair Credit Reporting Act in which individuals can now get their free credit report online once a year.
Reasons to get a free credit report?
If you have a couple of credit cards or an outstanding car or home loan then you should know that your credit history is recorded on your report.
Credit history, or credit report, is a document which presents information about a person’s financial credibility. It shows companies about your past and current financial obligations and if you pay on time.
Simply put, a credit report provides access to information that determines if you are eligible for a loan or a credit card from a financing company. Consumers need to ensure that the information printed on our credit history reports is accurate and current.
Credit reports determine if you can:
- Buy a car
- Rent an apartment or home
- Get a loan for school
- Start a business
What could happen if you don’t check your credit report:
Many things could effect you not checking your credit at least every six months. It is essential that consumers ensure they request their free credit report each year.
Below is a list of things that could happen if you don’t get your credit checked on a regular baises.
- Identity Theft
- Bankruptcy
- Missed Payments
- Lost or Stolen Credit Card
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