Why and How to Get Free Credit Report?

Why and How to Get Free Credit Report?

Do you know that your credit history not only influences decisions for loans and credit cards, but also for jobs, housing purchases or rentals and obtaining insurance? It all starts by knowing what is currently included in your credit report. I recommend you to get your free credit report every year. Under the law of Fair and Accurate Credit Transactions, consumers have the right to request a credit report by phone, mail and the internet for free every 12 months through a centralized service provided by the three major agencies.

This service is an important development in the history of systems of credit information in the United States and is designed to allow consumers to maintain control over their loans.

In turn, FACTA also demands that the special national agencies such as those dealing with the history of medical payments, account information checks, employment history or insurance claims to retain a toll free number through which consumers can get a free report once a year.

Types of Credit Reports

According to Law Fair Credit Report, The term ‘record’, when used in connection with the information of any consumer, refers to all information about the consumer that has been recorded and retained by a consumer reporting agency, regardless of how that information is saved. The word ‘report’ is related to what receives the lender or a third party that is user information. The concepts that are deleted by other users include consultations on offers of pre-approved credit or insurance, audits in progress and any account information regarding medical expenses.

  • Single consolidated report is a credit report that consolidates reports from all three agencies into one report with ‘credit lines’ organized, so that the same accounts can be next to each other and the differences can be perceived. It also displays the source of credit information to which each agency agreed.
  • Credit report for residential mortgages is a general trade name for a consolidated credit report.
  • Credit research report is known under various trade names. They use a detection system to identify indicators of mortgage fraud.
  • Full report of the facts refers to RMCR and includes direct verification of employment and other details. You can include more than seven years.
  • Consumer disclosure report is the one that consumers receive when they request their own credit report which will display all information.

Rights to Credit Reports

  • Anyone can request a free report.
  • It has been denied credit, insurance, housing or employment within a period of 60 days prior.
  • The consumer has been a victim of identity theft and has reason to believe that the information is inaccurate because of fraud.
  • The consumer is unemployed and intend to apply for employment within the next 60 days.
  • Your credit report has been modified due to an investigation you requested.
  • You live in the following states, where laws entitle you to receive a free credit report.
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