Reviewing your personal finance information (in your credit report) is a great way to start out the new year. Individuals are entitled to receive a free copy of their credit report from each of the three major credit bureaus (Equifax, TransUnion and Experian) once in every twelve month period.
The federal Fair Credit Reporting Act has made it possible for everyone to receive one free credit report per year from each of the three credit reporting agencies since 2005. Your credit report shows your credit history, and is what creditors and even potential employers view when determining whether or not you are credit-worthy or a good candidate for a job. The report lists all of your current and past credit card accounts and loans, notations regarding how you make your payments and whether you’ve been sued or arrested before.
The information contained in credit reports are sold to credit card companies and other creditors, insurers, employers and businesses by the reporting agencies. Poor credit histories and low credit scores make it impossible to obtain new credit, can prevent you from being hired for a job you want, and can raise the amount you pay for car insurance.
Many experts recommend getting one of your free reports every four months throughout the year, to make sure there are no mistakes made on your credit report that could result in problems. If you notice any errors or accounts on the report that are not yours, you can report it to the reporting agency and have it corrected.
To get your free annual credit report, visit https://www.annualcreditreport.com.
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