Own Your Credit Report
Written on February 6, 2009 – 12:32 am | by admin
Have you ever wondered why you got rejected when you ask for a loan or apply for insurance or credit card? Do you feel frustrated whenever you receive that rejected letter without any explanation why your application got rejected time and again?
You don’t have to worry because you can get the answers through the same reports those companies used to assess your financial status. Your credit report.
I have a credit report?? Yes, everyone has. If you don’t have a copy, you should get one. Here is another dilemma that could be happening to you if you don’t: Letting companies secretly gather information about your financial activities. Do you want people prying on your status without you knowing it? Of course not! It may be shocking to know that you have a credit report, but to realize later that companies are using your credit report without you know it is even worst!
But what is a credit report?
Your credit report is a detailed archiving of your financial activities. All your personal information, such as your Social Security Number, home address and company you are working, are found there. Your credit or debt accounts and their histories, the current and past credits you have, those paid and overdue accounts details, and those number of times you inquired for a credit are all documented in that report. With all those information, the report gives your credit score, or your creditworthiness, which will determine your future borrowing ability. The higher the score, the higher possibility of getting your credit application accepted and even at a lower interest rate. Having your own copy of your credit report increase your awareness of your financial activities and can help you manage your credit.
When you apply for any credit applications, the company can request for a copy of your credit report containing all those information for their scrutiny and will decide whether you are credible for a loan or credit. Overdue accounts are kept on the report for 7 years while bankruptcy will be recorded until 10 years! Imagine what that information can do to your status.
Scary? Not if you own your credit report. Getting a copy annually is free under the Fair and Accurate Credit Transaction act amendment to FCRA or Fair Credit Reporting Act. You only have to contact in three ways: log on to www.annualcreditreport.com, call 877-322-8228. or send your Annual Credit Report Request form to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA, 30348-5281.
Once you get your copy, check to see if the information is correct. Even a misspelled account can cause big damage to your credit. Numerous unidentified purchases can indicate identify theft, so check your credit report on a regular basis. Start owning your credit report!
Tags: Your credit report