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Free Annual Credit Report - 3 Reasons to obtain One

Managing your credit history is a very important step in making money in your life. Some it's based on your money and credit correctly. Another part though is how it gets reported as well.

Every person in the US has a credit rating. For some people it's blank. They don't have a record yet of methods they handle history. For some people it could fill a sizable amount of encyclopedias. Now the question becomes is the credit rating accurate?

The US government requires the major credit bureaus to provide a copy of the credit rating free of charge annually. That's the reason you will often hear people discuss the free annual credit report.

It's not just like your credit score though. You should realize that your credit rating is still tough to determine as each company calculates them differently.

The three major credit bureaus are Experian, Equifax and Transunion. Think of them as giant record keepers. They get reports from credit card companies, automotive loans, mortgage loans, and other areas. Its not all company reports to all three. Many will only report your data to 1 or two of them.

free annual credit report

You will find three major causes to get a copy of the free annual credit history. We will discuss each of them in more detail below.

Inaccuracies Identify Theft Forgotten Credit Lines

Inaccuracies can riddle your credit score. The systems involved with collecting this post is not perfect. It's very entirely possible that information is reported towards the company incorrectly. For example your charge card company can are convinced that you had a card go into collections. It may happen from a worker mistyping information into a software program.

It's also entirely possible that someone else's credit is being 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 went to apply for a loan on the home, they were very confused by her credit rating. They lived in different states, had different jobs, and various financial histories. The loan bureaus had mixed them up in places.

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

Identify Theft is really a growing problem in the world. Obtaining a copy of your credit rating makes it possible for you to find out if someone has stolen your personal information. The credit bureaus can have any credit that's opened inside your name. By checking it on a regular basis you are able to prevent this. You may also request that they put a freeze on your credit. This prevents anyone from opening credit inside your name. Just be sure you take it off when you are getting ready to make an application for credit.

free annual credit report

Forgotten lines of credit may not appear to be a big deal however they can be. It is not smart to have lines of credit going swimming. I found a couple of store charge cards on my small report that I had completely ignored. I'd gotten them after i was much younger and establishing my credit.

I kept the credit lines but requested they be frozen. I didn't want to take them off because they would impact my credit score. I additionally didn't want to leave them laying around just in case someone got the data and started using them.