The Fair and Accurate Credit Transactions Act of 2003 celebrated its first birthday of implementation in September 2006. Everyone in America has now had the opportunity to obtain free credit reports from Trans Union, Equifax and Experian, the three credit reporting companies. Did you get yours?
What is the Value of Your Free Credit Report?
Credit Reports are used for a multitude of purposes. The most obvious is, of course, when you apply for a mortgage, automobile loan, insurance, bank account, credit card or, even, a job. These people check your credit report to discover information about you and whether or not you abide by your financial commitments.
That means it's important for you to know what others are finding out about you. The information on your credit reports is entered by humans based upon information given to them by other humans. Ever heard of human error? You need to know if the information contained in your reports is accurate.
When you order your Free Reports be prepared to:
- Provide your legal name.
- Provide your social security number.
- Be able to answer a security question such as the amount of your home mortgage or some other loan you may have.
The only approved site for you to obtain your free credit reports online is:
http://www.annualcreditreport.com
Do I Really Need All Three?
Yes. Remember the human factor. Now multiply it times three. Your Trans Union report may not have the same information as your file at Equifax or Experian.
Errors happen. It could be a data entry error at the credit reporting company, or it could be that a creditor has reported bad information about you. For example, many years ago I opened a credit account at Sears. The young lady entering the information in the computer experienced a problem and started entering everything a second time. Now my credit report shows that I have credit in two names: my correct name and the partially spelled name the young lady typed in at Sears.
Your FICO Credit Score grows more and more important each day. THE credit score company is myFICO. Clicking the banner below will provide more information that might possibly be of great help to you.
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What Else Do I Need to Know?
Your free credit reports will allow you to see what has been reported to each of the credit reporting companies. You will not have free access to your credit score, which gets more and more important each day.
There is a service available (currently less than $50 a year) that everyone should seriously consider. Not only do you get access to all three credit reports and credit scores from the major reporting companies, you also get access to "what if" software and a "bill notification" program that sends you an email when time is getting close to make a payment on your credit accounts.
Finance expert Suze Ormand teamed up with the inventors of the credit score to make this available. Please click here to learn more about Suze's FICO Kit.
