Why And How You Should Check Your Credit Report

It's the key to qualifying for a loan, and the secret to lower interest rates and get better deals on insurance.

It can be the difference that tips the scales in your favor when you're looking for a job.
The information in your credit report is gathered and sold by Consumer Reporting Agencies (CRAs), which includes:

• Personal identification and employment

• Credit payment history

• Requests for your credit report in the last one to two years

• Matters of public record, like bankruptcies and foreclosures

• You’re unemployed and plan to be job hunting within 60 days

• You’re receiving government assistance

• Your report is wrong because of fraud

• Circle disputed items on your report

• Explain what you believe is wrong, and ask them to correct or delete those items

• Attach copies, not originals, of documents that support your claim

• Make two copies of the entire package. Mail one set to the CRA and one to the company that provided the incorrect information. Save a copy for your files

• Send everything by certified mail, return receipt requested, and keep the receipts

• Expect a fix. The CRA will send you the results of their investigation and a new, improved credit report

The most important financial move you can make this year is check your credit report.

Take immediate action to dispute incorrect information, which includes:

How Often to Check Your Credit Report and How to Dispute It?

The best-known national credit bureaus are Equifax, Experian and TransUnion.

No one should be more interested in your credit report than you.

Check your credit report once a year, or before you seek a loan or make a major purchase; and make sure it's accurate and up-to-date.

Thankfully, the Fair Credit Reporting Act (FCRA) is there to help.

It makes sure you have easy access to check your credit report and provide you with a way to correct any mistakes you may find.

Each CRA can charge up to $15 for your credit report, although some states require they give you a free copy or two every year.

Calls to the national credit bureaus are automated, so if you live in a state whose laws allow a free report, there won't be any mention of a fee.

Otherwise, be ready with your credit card.

You're entitled to a free credit report regardless of where you live if, for instance, you're denied credit, insurance, or a job because of information in your credit report.

However, you must make your request for the report within 60 days of receiving notice of the denial.

CRAs will also send you a free credit report if you can prove that you were denied credit.

Repair and Check Credit Report from Home

Study your credit reports carefully.

Be sure everything is accurate and complete.

If there is a mistake, don't panic.

The CRAs and companies that provide information used in your credit report have to correct errors.

The CRAs even send a dispute form with your credit report.

The final step is to ask the CRAs to notify anyone who has received your old, incorrect credit report in the past six months.

Now, you have learned how to check your credit report for free!

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