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Credit Report - Check Yours Regularly - and for Free
In the twenty-first century, there are few documents that have
a greater impact on the lives of Americans then their credit
report. Credit rating determines one's ability to buy a home, a
car, or to obtain a credit card or a job. Since these things are
important, it is equally important that the information be
accurate. The only way to be sure of that is to check the report
regularly. Prior to last fall, there were two ways to obtain a
copy of your credit report: to pay for one, or to obtain one for
free after being denied credit. Thanks to the Fair Credit
Reporting Act passed last year, Americans can now obtain a free
copy of their credit report from each of the three credit
reporting agencies once a year.
Due to anticipated heavy response to the offer of free credit
reports, the program has been rolled out in stages. People living
in the West and Midwest are already eligible to apply for a copy
of their report at www.annualcreditreport.com. As of June 1,
2005, those living in the Southeast are now eligible, and on
September 1, 2005, those living in the Northeast will be
eligible. All that is required to receive a copy of your credit
report is to answer a few simple questions. Since it only takes a
few minutes to do, there is really no reason to put off checking
your credit report, and you may benefit tremendously by doing
so.
The credit score is a single, three digit number that
represents an individual's credit worthiness, and that score is
obtained through a complex formula that takes into consideration
a person's borrowing and spending habits and payment history. A
high score makes someone more eligible for loans and credit,
while a lower score may indicate that a person is a risk to
repay. While the information contained on a credit report is
generally accurate, incorrect information sometimes shows up on
credit reports, and incorrect information could result in someone
who being denied a loan for which they might otherwise be
qualified. Furthermore, a credit report check is the best way to
determine if you have been the victim of identity theft, an
increasingly popular crime that often goes unnoticed for a year
or more. If your identity is stolen, your credit rating can be
ruined and you can be burdened with thousands of dollars in debt.
The new bankruptcy law, which goes into effect in October 2005,
draws no distinctions between debt incurred by an individual and
debt incurred through identity theft. This alone should be reason
enough to check your credit report regularly.
Since the law now allows individuals to obtain one free report
per agency per year, anyone who wants to keep a close eye on
their credit report can obtain a free report as often as every
four months. Since the credit report affects your life in so many
important ways, checking it regularly should become a habit.
©Copyright 2005 by Retro Marketing.
Charles Essmeier is the owner of Retro Marketing, a firm
devoted to informational Websites, including End-Your-Debt.com, a
site devoted to debt consolidation and credit
counseling, and StructuredSettlementHelp.com, a site devoted to
information regarding structured
settlements
MORE RESOURCES:
MORE COLLEGE CREDITChicago Sun-Times, United States - 11 hours agoDespite the current nationwide credit crunch, the State of Illinois secured $100 million for the student loans by tapping a new source -- credit unions. ... |
Credit Report Need Fixing? Take Action YourselfHartford Courant, United States - 9 hours agoMike Ferrara wants to buy a house in a few months and is worried that mistakes on his credit report will keep him from obtaining the loan he will need. ... |
Credit - Google News
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