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Banks review your credit history before deciding to give you a credit card, and they aren’t the only
ones who should be taking a close look at your credit report. You should too.
Credit reports list credit accounts, such as credit cards, loans, and lines of credit, along with your
account balances and payment history. Under the Fair and Accurate Credit Transaction Act, or FACTA, passed
by Congress in 2003, anyone is entitled to get one free copy of their credit report every year from each
of the three major credit bureaus, Experian, Equifax and TransUnion. The three agencies set up a website
for consumers to order free credit reports online at http://www.annualcreditreport.com. You can also call
the toll-free number, 1-877-322-8228 or send a letter requesting your free credit report to: Annual Credit
Request Service, P. O. Box 105281, Atlanta, GA 30348-5281.
Credit reports don’t list your credit score. There is a fee to obtain your credit score.
Most people are limited to one free credit report each 12 month period from each of the three agencies,
however you may qualify for more than one free report if you are unemployed and plan to seek employment
within 60 days or are on welfare, have been the victim of identity theft, or if you have been denied
credit within the past 60 days based on a particular credit report, you can obtain a free copy of your
credit report from that credit bureau.
When examining your credit report, be sure that all the personal information, account balances and payment
histories are correct. If any of the details are incorrect, write to the credit reporting agency disputing
inaccurate accounts. Be sure to include appropriate documents that can prove your case.
Experts recommend checking your credit report more than once a year, especially if plan on applying for a
mortgage, car loan or other large, long-term debt in the near future. You are allowed to access your
credit report without it counting against your credit score, as many times as you would like to, but
you'll have to pay for it each time.
The price of credit reports varies depending on the agency and the type of report. Many private websites
try to lure customers with promises of free credit reports that turn out to have hidden costs or contracts.
BEWARE!
If you have obtained your free report, the three main reporting agencies each offer instant access to your credit report for a fee.
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