Your credit score can mean the difference between being
denied or approved for credit, and at what type of interest
rate. A good credit
score can help you qualify for a mortgage loan, rent an
apartment, be approved for a credit card and even help you get
utilities connected without a deposit. Bad credit on the
other hand can be devastating to your financial welfare and can
have the opposite effect, making it next to impossible to be
approved for a loan, credit card, mortgage or apartment rental
without a hefty deposit. Worse yet, your credit report can
deny you a job opportunity making it even more difficult to pay
your bills. The good news is consumers can always improve their
credit and the first step to improvement is to get your hands
on a copy of your report.
Under the
Fair Credit Reporting Act (“FCRA”), as a consumer you are
entitled to one free credit a report a year from the
three major credit reporting agencies, Equifax, Experian and
Trans Union and there are four ways to get your hands on your free
copy.
Method
One:
Order your credit report
over the internet. An easy way for most consumers to order
their free report is over the internet. To order your report, visit
annualcreditreport.com and you can order each
of your three free reports simultaneously. Make sure to only
visit this website to order your report as several false websites
have been created to trick consumers into purchasing a report.
Method
Two:
Call toll free to order
your report. Calling toll free to the official credit report
hotline at 1-877-322-8228 is another simple way to order all three
of your reports. Again, make sure to only use this number so
that you do not find yourself in a position where you have left
your personal identifying information in the wrong hands and not
receive your credit report in return.
Method
Three:
Request a report by
mail. Some consumers feel uncomfortable about using the
internet and telephone, so mailing your request may be a better
option. To request your free report visit
annualcreditreport.com and print and complete the official request
form, before mailing it to each of the three bureaus.
Obviously, this option is less timely, but available for consumers
who prefer not to provide their personal information over the
internet or phone.
Method
Four:
Qualifying for a free
copy of your report. The fourth way to receive a free copy of
your report, and perhaps the least favorable, is to qualify for a
copy. You will qualify for a copy of your credit report when
you have been denied credit, insurance or employment. The
lender or employer is required to provide you with an adverse
action letter notifying you that you have been denied based on
information contained in your credit report. The notice must
provide the name and address of the credit reporting agency used
and allow you to order a copy of your report for no charge within
60 days of receiving the notice.
If you are in need of
assistance of advice with your credit report contact SmithMarco P.C. for a free case
review.