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Taking A Look At How To Get A Credit Report

January 22, 2012 | Comments: 0 | Views: 121

Most people work hard and try to pay their bills on time, which can make them prime targets for thieves who want to steal their personal, financial information. By following a few simple steps, they will know how to get a credit report to make sure they are not victims of identity theft. It can be done easily, on a yearly basis for no charge.

The copy of the person's financial history shows where they have lived, and for how long. It also lists the companies they have borrowed money from and the history of their payments. The paperwork can also show other, negative details, such as if the person has ever been arrested, sued in court, or filed for bankruptcy. Any consumer show finds mistakes in the data should make every effort to have it corrected.

The data contained in the paperwork is used by lenders to get a snapshot of a consumer's borrowing habits. They also want to know if the person makes a habit of paying their bills on time, or whether they appear to be having a cash flow problem. If the lender sees too much negative information, they can decide to charge a potential customer a higher interest rate, because they are a higher risk.

U. S. Federal law allows every individual to receive one free copy of their data from the three largest reporting companies. The businesses do not automatically mail out the forms on a yearly basis. Consumers must request it to have it mailed to them.

Anyone requesting their copy directly from each of the reporting agencies will have to pay a small fee. There are also many other businesses that will provide the service for a nominal charge. Consumers can also contact the Federal Trade Commission, based in Washington, D. C. They can be reached online, by phone or via mail. The Commission has all the information consumers need to get their free copy.

The Federal Trade Commission also has a pamphlet that consumers can request. The agency will send the brochure, called the "Annual Credit Report Request, " directly to the person requesting it. Once the individual fills it out, they can mail it back to the agency.

Besides the one free copy each year, consumers are allowed to get additional ones for several other reasons. Anyone who is getting unemployment benefits or other forms of public assistance can receive ones for no charge. There are also several states that have passed laws, allowing residents to get additional copies.

One item that is not contained in the information is the person's overall, credit score. It is a number, containing three digits, that is based on a person's borrowing and repayment history. Consumers who want to know that number must contact a credit bureau.

Almost every week, there are headlines in newspapers around the world about another gang of thieves, who have stolen the personal financial information of innocent victims. It is important for consumers to know how to get a credit report. It can help them monitor their financial information to discover if someone is illegally using their good credit history.

Clcik here for some great tips on how to fix your credit score

Source: EzineArticles
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