Value of Free Credit Report
American citizens are entitled to get their free credit report each year. Such report is to be provided by all the three credit report bureaus free to everyone. Usually buying the credit report would cost the viewer $9.50 in each case. Free credit report would be especially useful for low income group people using credit cards where the rate of interest is high.
Major three credit reporting bureaus in America are Equifax, Experian, and Trans Union. On request each one of them is legally obliged to provide a free copy of the credit reports to the customer once every 12 months. However the customers must appreciate that such reports will not be sent to them automatically.
In fact each of the consumers has to request for their reports the following way.
1. Getting the information through an authorized and genuine website on the web providing the credit reports online for free.
2. Call the toll free numbers provided by the leading credit bureaus; or
3. Complete forms provided on the back of the Annual Credit Report request brochures and mailing it to the Annual Credit Report Request Service. The brochure will be available with the Federal Trade Commission.
Credit report provides details of the payment history, listing of accounts, balances including balances to be paid on the credit card or any other. It is not credit score or the FICO score that acts as the gauge for judging the credit worthiness of the customer by lenders but the lenders use the credit reports for the calculation.
It is therefore important viewing the free credit report and rectify errors if any existing there.
Written by: Matt
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