Checking Your Yearly Credit Report Standing
Talking about a consumer credit report, it is the yearly evaluation of each individual’s credit standing. When you are aware of things that are mentioned in your report, you can get plenty of benefits especially at the time of dealing with credit based services such as loans and credit cards.
Every year, by law, American citizens are entitled to get a free copy of their yearly report, which includes everything pertaining to their credit risk profile. This gives financial institutions that are willing to offer you credit an opportunity to take a look at your profile and see whether you will be able to repay the amount or not. If your credit rating is not good, a financial institution will treat you as a risk and therefore may not give you credit.
Get Your Free Credit Reports From Experian, Equifax, and Transunion
With good credit report, you increase your chances of getting cheaper loans and credit cards. What’s more, your application is not going to be rejected by the financial institution. There are three companies that provide a free consumer credit report on a yearly basis. It includes Experian, TransUnion, and Equifax.
Being aware of what is there in your credit report; you get a chance to negotiate for better terms and conditions. In addition, you can repair your credit by challenging false details on your report according to the FTC. For this purpose, you just need to get a copy; unfortunately, you need to get it from all the three companies that are mentioned above. This is because of the fact that financial institutions don’t report to all these companies, they just report to one with your past record of financial details.
Get three credit report
And that is where if you only get a copy of one report then you are not going to get a complete idea of your financial status. Make sure that you get the report from all three companies. It is going to help you in improving any negative details that are there in your report. It is of utmost importance that you update your personal details on a regular basis. For example, if you have relocated to another state, you should contact the credit bureaus and tell them about it.
Stay away from companies that promise to improve credit score in a matter of 15 to 45 days, they are scammers whose only intention is to get some quick money from you. It takes at least 6 months to a year to improve your credit. You need to pay all your bills by the due date and avoid maxing out your credit cards to have good credit. Check your free consumer credit reports every year to stay on top of your credit profile.