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Free Annual Credit Report - Three reasons to Get One

Managing your credit history is a very important part of making money in your life. Some it's based on handling your money and credit correctly. The other part though is when it gets reported as well.

Every person in the US has a credit history. For some people it is blank. They don't possess a record yet of how they handle history. For many people it could fill a large amount of encyclopedias. Now the question becomes is your credit rating accurate?

The US government necessitates the major credit bureaus to provide a copy of your credit rating for free annually. That is why you will often hear people talk about the free annual credit history.

It isn't the same as your credit score though. You should realize that your credit score continues to be difficult to determine as each company calculates them differently.

The three major credit agencies are Experian, Equifax and Transunion. Think about them as giant record keepers. They get reports from credit card companies, automotive loans, home loans, and other areas. Its not all company reports to any or all three. Some will only report your data to 1 or a couple of them.

free annual credit report

There are three major causes to get a copy of your free annual credit history. We'll discuss all of them in more detail below.

Inaccuracies Identify Theft Forgotten Lines of credit

Inaccuracies can riddle your credit report. The systems involved in collecting this information is not perfect. It is very possible that details are reported to the company incorrectly. For instance your credit card company can report that you'd a card be placed into collections. It can happen from an employee mistyping information right into a computer program.

It's also possible that someone else's credit has been sent under your identity. I've got a friend whose name is the same as her sister in law. They share first and last names but have different middle names. When she visited obtain a loan on the home, these were very confused by her credit rating. They lived in different states, had different jobs, and different financial histories. The loan bureaus had mixed them up in places.

It took some time to get everything corrected so she could purchase her home. Obtaining a copy will allow you to find these errors quickly and get them corrected.

Identify Theft is really a growing issue in the world. Getting a copy of the credit history can allow you to find out if someone has stolen your personal information. The credit bureaus will show any credit that's opened in your name. By checking it regularly you are able to prevent this. You can also request that they put a freeze in your credit. Jetski from anyone from opening credit inside your name. Just remember to remove it when you are getting prepared to make an application for credit.

free annual credit report

Forgotten credit lines might not sound like a big deal however they could be. It is not smart to have credit lines going swimming. I found a few store credit cards on my are convinced that I had completely ignored. I'd gotten them when I was much younger and establishing my credit.

I kept the credit lines but requested that they be frozen. I didn't want to remove them because they would impact my credit score. I additionally didn't want to leave them scattered about in case someone got the data and started with them.