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Why
You Need a Copy of Your Credit Report
Your credit report is an important document
which may affect you more than you think. It is perfectly
possible to see a copy of your credit report. But why
would you want to read your credit report, and how do
you find it?
In the US there are 3 agencies which
keep information on you and your credit. This information
includes a whole range of details on many of the financial
transactions that you make through your life. You may
not be aware of it but much of your financial data is
kept by credit agencies, and can seriously affect your
life.
Opening a bank account, considering
letting a bill slide a little until it's overdue, going
for a loan, buying a house? Any one of these transactions
and many many more are all recorded on your credit report.
Information is kept on where you live, how you manage
most of your finances, much of your criminal history
if you have one, your history of loan repayments and
much more.
And this information is not just kept
there for the sake of it. This information is used to
assess your credit worthiness so that when you go for
a new loan, for example, the organization through which
you are applying can access this information to help
it decide whether or not it ought to grant you the loan.
You are in fact, rated for your credit
worthiness using this information collected on you,
and a credit worthiness score is applied to you. This
score is part of the information that an organization
may wish to find out if they are judging your credit
worthiness.
Something as simple as missing a few
bills because you were on holidays can quite seriously
affect such things as your ability to obtain credit
in the future.
So as you can see the information kept
in your credit report is important information and can
affect your life in ways you may not be aware of.
For this reason it is important to know
what information is kept on your credit report. It is
not unheard of, for example, for there to be inaccurate
entries on your report and if you are unaware of this
and therefore cannot correct it this inaccurate information
may well cause you all sorts of unexpected problems.
So, how do you get a copy of your credit
report? Luckily you are entitled by law to get a free
copy of your report each year. You will need to provide
your name and address as well as your social security
number and date of birth to identify yourself, as well
as possible former addresses if you have moved recently.
To get your credit report ring 1-877-322-8228
(toll free) and proceed as directed.
So remember, you are entitled to a copy
of your credit report free each year. Make use of your
entitlement, check your report and see if there is anything
there which could be causing you a problem. If there
is then you can start finding out what to do about it.
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