About Annual Credit Report
It is important to have knowledge of what is contained in your
credit history. This is because lenders
will always use this information in deciding whether to advance
you credit card credit and the rate of interest you will be
charged. Knowledge of your credit status can therefore make
you huge savings when it comes to applying for credit card credit,
a mortgage or even a loan.
Since your credit history will also contain key, personal
and defining information about you, such as your employment,
social security number or even public records that might show you
as having being bankrupted etc., there is good reason as to why
you should know what is recorded in your credit history file.
In addition to the above, your report will also show all
recent inquiries that have been made regarding your credit
history and standing. This means that each time you apply for
a loan, a mortgage etc., the lender will request
a copy of your credit history report. Each request is then noted as an
inquiry against your credit history.
Getting a copy of your annual credit report will enable you to
monitor your own credit transactions/activities, in addition to
alerting you to any inquiries that might suggest possible
fraudulent activities being committed against you.
To get a copy of your free report is a pretty straight
forward process. It is a requirement of the Fair Credit Reporting
Act (FCRA) that each of the 3 reporting companies - i.e.
Equifax, Experian and TransUnion provide you with a free copy of
your report every year, upon request.
Your Right To Order Your Free Reports
If you use any form of credit, in law, you are entitled to order
one free copy of your credit history data from each of the
3 consumer credit reporting companies every 12 months.
To protect your rights, (FCRA) and the Fair and Accurate Credit
Transactions (FACT) Act established the free annual credit
report system (US). Uk residents have a statutory right under the
Consumer Credit Act 1974, to access their free credit history reports Uk.
from a central, official website set up by credit reporting
You can order your free annual report from the three
consumer credit reporting agencies via their central website,
a mailing address or toll-free telephone.
It is recommended that you order your credit card report from all
three nationwide consumer reporting companies, since each will
obtain credit information on you from a number of different
sources. As a consequence, the nature and/or the amount of
credit information held on you may differ from company to company.
You have the option of either ordering your reports
from each of the 3 consumer reporting companies at once, or
alternatively, you may order singular copies one at a time.
It is also recommended that you always obtain a copy of your reports prior to making any application for credit,
card credit, a loan or mortgage just to be sure that everything
is in order and there is no adverse credit information lodged
on your credit file. For this reason some people find it a good idea
to stagger the ordering of their reports throughout the year.
In certain situations also, you are entitled to another free
report in the event your ability to obtain credit has been
adversely affected by the actions of a company with whom you have
applied for credit. These include instances such as where:
Your credit applications have been declined
Your are the victim of identity theft/fraud
You are temporarily unemployed but seeking gainful employment
You have been refused insurance
You have been turned down for employment
If you are on welfare
Should any of the above apply to you, you must request a copy of
your report within 60 days of your being notified about any
action that has been taken against you. In return, you will be
informed in writing of the name, address and contact number of
which consumer reporting agency you should raise your credit
Can I Buy Credit History Reports
Where no special circumstances exist and you require a second
copy of your report within the 12 month period, you can
approach the consumer reporting agency to buy one.
The content on this site is purely for information purposes only
and is not intended to replace your seeking professional financial
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