Totally Free Online Credit Report
Credit reports are basically detailed maps of your credit worthiness, as they provide lots of information on your past credit history. Late payments, on time payments, non payments, past loans, current loans, and a plethora of other stuff can all be found in your credit report. From all this information, a credit score is born. Your credit report is basically your "yes" or "no" card when it comes to applying for loans. The better your credit, the more likely you are to obtain a loan with little hassle. And, better credit means higher loan amounts, lower interest rates, and better payment plans. In short, it is your window to seeing where you stand with your credit situation.
Now that you know the importance of these credit reports, lets take a look at how to get a totally free online credit report. The Fair and Accurate credit Transaction Act states that every consumer is entitled to a free credit report from each of the three main credit bureaus, Experian, TransUnion, & Equifax, every year. This act ensures that every American has the chance to find out what their credit report says about him/her. This act was also passed to quell the increasing amount of identity theft cases, as every American can now see a detailed report of all their major financial transactions. In light of this act, it is now easier than ever before to acquire and go over your credit report at different times of the year.
The 3 credit bureaus in charge of maintaining credit reports have set-up a website to make things easier for consumers. This website allows consumers to request and obtain their totally free online credit report within minutes. To obtain your free copy, visit www.annualcreditreport.com. You can either get all three at once or you can order them at different times during the year. Most people recommend spacing out the credit checks because it will allow you to keep better tabs on your credit report, as opposed to just one credit report check per year. The best times to get your credit report are obviously during large financial transactions, such as home loans. You may want to check your report before making a final decision. Once you have gone through with the loan, check it again in order to see if everything has gone according to plan as well as to find out the effects the transaction had on your credit rating.
There are many websites that offer free credit reports online. Some even offer a 3-in-1 report that contains all three reports in one neat little package. However, these "free reports” are rarely ever free. They usually are only available with some sort of sign-up deal or trial offer in which you must supply your credit card details. If for some reason you don't cancel during the trial period (which most people don't because they forget), the charge will be taken from your account. Knowing this, be careful when searching for a totally free online credit report. The are many people that will try to take advantage of your credit situation. To avoid them, just use the 100% legitimate website mentioned above.