Why Do I Need A Free Credit Report?
You need a free credit
report to provide you with up-to-date information on your current credit
status. This is especially important when preparing to ask for a new loan or
other line of credit. A prospective creditor will always check in with your
credit report before making any decisions on your creditworthiness. Access
to a free credit report leaves you in a good position to defend your
credibility, improve your current credit rating, and challenge any
inaccuracies.
The information
included on a credit report is broken up into several categories. There are
various types of credit reports, and access to this information is dependent
upon who is asking. For example, if a consumer decides to check their
current credit status, they should receive a full profile that details
personal information, credit history, public records, inquiry reports and
dispute statements.
When a credit bureau
sells credit information to marketers, access to a full profile is limited.
Under these circumstances, the information provided is used to create
consumer products, such as pre-approved credit cards and instant, in-store
credit lines. A list of every company that has requested your credit
information is made available to you on your credit report. According to the
Fair Credit Reporting Act (FCRA), consumers are licensed to take their names
off of these lists at any time.
You need to check your
credit report periodically for any mistakes. There is a section of the
credit report dedicated to outlining any disputes made over your credit
history. In general, credit bureaus record both the consumer and lender's
statements. Therefore, a free credit report is an ideal document to
reference when tracing your past credit status. Visit Privacy Matterssm to request your
free credit report.
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