Free Credit Reports
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Easy Tips
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Sunday, 22 July 2018
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Credit Tips
The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the FCRA with respect to credit reporting companies. A credit report includes information on where you live, how you pay your bills, and whether you’ve been sued or have filed for bankruptcy. Nationwide credit reporting companies sell the information in your report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home. Here are the details about your rights under the FCRA, which established the free annual credit report program.
Q: How do I order my free report, The three nationwide credit reporting companies have set up a central website, a toll-free telephone number, and a mailing address through which you can order your free annual report. You may order your reports from each of the three nationwide credit reporting companies at the same time, or you can order your report from each of the companies one at a time.
The law allows you to order one free copy of your report from each of the nationwide credit reporting companies every 12 months. Other websites that claim to offer “free credit reports,” “free credit scores,” or “free credit monitoring” are not part of the legally mandated free annual credit report program.
In some cases, the “free” product comes with strings attached. For example, some sites sign you up for a supposedly “free” service that converts to one you have to pay for after a trial period. If you don’t cancel during the trial period, you may be unwittingly agreeing to let the company start charging fees to your credit card.
Some of these “imposter” sites direct you to other sites that try to sell you something or collect your personal information. Q: What information do I need to provide to get my free report, A: You need to provide your name, address, Social Security number, and date of birth. If you have moved in the last two years, you may have to provide your previous address. To maintain the security of your file, each nationwide credit reporting company may ask you for some information that only you would know, like the amount of your monthly mortgage payment.
Each company may ask you for different information because the information each has in your file may come from different sources. Q: Why do I want a copy of my credit report, A: Your credit report has information that affects whether you can get a loan — and how much you will have to pay to borrow money. That’s when someone uses your personal information — like your name, your Social Security number, or your credit card number — to commit fraud.
Identity thieves may use your information to open a new credit card account in your name. Then, when they don’t pay the bills, the delinquent account is reported on your credit report. Inaccurate information like that could affect your ability to get credit, insurance, or even a job. Q: How long does it take to get my report after I order it, If you order your report by mail using the Annual Credit Report Request Form, your request will be processed and mailed to you within 15 days of receipt.
Whether you order your report online, by phone, or by mail, it may take longer to receive your report if the nationwide credit reporting company needs more information to verify your identity. Q: Are there any other situations where I might be eligible for a free report, Q: Should I order a report from each of the three nationwide credit reporting companies, A: It’s up to you.
Because nationwide credit reporting companies get their information from different sources, the information in your report from one company may not reflect all, or the same, information in your reports from the other two companies. That’s not to say that the information in any of your reports is necessarily inaccurate; it just may be different. Q: Should I order my reports from all three of the nationwide credit reporting companies at the same time, A: You may order one, two, or all three reports at the same time, or you may stagger your requests.
It’s your choice. Some financial advisors say staggering your requests during a 12-month period may be a good way to keep an eye on the accuracy and completeness of the information in your reports. Q: What if I find errors — either inaccuracies or incomplete information — in my credit report,
1. Tell the credit reporting company, in writing, what information you think is inaccurate. Credit reporting companies must investigate the items in question — usually within 30 days — unless they consider your dispute frivolous. They also must forward all the relevant data you provide about the inaccuracy to the organization that provided the information. After the information provider receives notice of a dispute from the credit reporting company, it must investigate, review the relevant information, and report the results back to the credit reporting company.
If the information provider finds the disputed information is inaccurate, it must notify all three nationwide credit reporting companies so they can correct the information in your file. When the investigation is complete, the credit reporting company must give you the written results and a free copy of your report if the dispute results in a change.
If an item is changed or deleted, the credit reporting company cannot put the disputed information back in your file unless the information provider verifies that it is accurate and complete. The credit reporting company also must send you written notice that includes the name, address, and phone number of the information provider.