How_To_Get_Free_Annual_Credit_Reports_From_Major_Credit_Bureaus by mikew56

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Title:
How To Get Free Annual Credit Reports From Major Credit Bureaus

Word Count:
474

Summary:
If you plan to apply for a mortgage, car loan, credit card or
consolidation loan, then you will need to know what is in your credit
reports from each of the three major credit bureaus. These include
TransUnion, Equifax and Experian and each keeps a detailed record of your
current and past debts, payment history, along with any information on
public record, which may include foreclosures, bankruptcies or
judgements.

Each of your credit reports from the aforementioned bureau...


Keywords:
credit, credit reports, budgeting


Article Body:
If you plan to apply for a mortgage, car loan, credit card or
consolidation loan, then you will need to know what is in your credit
reports from each of the three major credit bureaus. These include
TransUnion, Equifax and Experian and each keeps a detailed record of your
current and past debts, payment history, along with any information on
public record, which may include foreclosures, bankruptcies or
judgements.

Each of your credit reports from the aforementioned bureaus will also
feature a numeric score, which is what many lenders refer to when
determining your interest rate on a new loan. This number, known as a
FICO score, is calculated based on a number of factors that will help
potential lenders determine your credit worthiness. Your debt to income
ratio, balance to credit limit ratio and the number of revolving credit
accounts are all taken into consideration when tallying your FICO score.
In addition, any bankruptcy or other negative presence will cause your
score to be lowered.

Every 12 months, an individual is permitted to request a free copy of
their credit reports from each of the three major credit bureaus as
listed above. There are a number of websites that promise to give
consumers free credit reports, but there is almost always some type of a
catch to the offer. Among them, enrolling in a trial program or
purchasing a product. However, there is one website that is dedicated to
offering free credit reports with no cost or obligation to the consumer.
Once each year, individuals can visit AnnualCreditReport.com and gain
instant online access to one or all of their credit reports at no cost.
The basic credit report is free, but the FICO score will not be included
unless an additional fee is paid to access that information.
In addition to requesting free credit reports on an annual basis,
individuals are eligible to receive a free copy of their file if they
have recently been denied credit. This process can be completed by either
writing or calling the credit reporting agency after receiving a denial
of credit from the lender. Typically, a copy of the credit report will
arrive by mail within 7-10 days.

Not every consumer realizes how important it is to keep a close eye on
their credit reports, but it is one of the most critical parts of
maintaining a healthy credit file and preventing identity theft. It is
recommended that individuals check their credit reports every six months
and dispute anything that is listed incorrectly, such as addresses,
inaccurate reporting of payment histories, account status, etc. After
receiving a dispute, the credit bureau will begin an investigation in
order to resolve the matter amicably. It is very important that everyone
make sure their credit reports are accurate as, quite often, they are the
largest determining factor of any loan request.

								
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