Every year, thousands of people have their identity stolen. Many do not realize it though, until they try to borrow money to buy a home or a car. By following a few easy to understand steps, they can monitor their financial data by learning how to get a credit report. The information is a snapshot into their borrowing, and payment history.
The copy of the person's financial history shows where they have lived, and for how long. It also lists the companies they have borrowed money from and the history of their payments. The paperwork can also show other, negative details, such as if the person has ever been arrested, sued in court, or filed for bankruptcy. Any consumer show finds mistakes in the data should make every effort to have it corrected.
The data contained in the paperwork is used by lenders to get a snapshot of a consumer's borrowing habits. They also want to know if the person makes a habit of paying their bills on time, or whether they appear to be having a cash flow problem. If the lender sees too much negative information, they can decide to charge a potential customer a higher interest rate, because they are a higher risk.
In the United States, each consumer is allowed by federal law to get one free report each year from the three largest financial reporting agencies. The information is not automatically sent out on an annual basis. The person must request it, themselves.
Anyone requesting their copy directly from each of the reporting agencies will have to pay a small fee. There are also many other businesses that will provide the service for a nominal charge. Consumers can also contact the Federal Trade Commission, based in Washington, D. C. They can be reached online, by phone or via mail. The Commission has all the information consumers need to get their free copy.
The Commission does have a brochure outlining the procedure for a request. It is known as the "Annual Credit Report Request." Consumers can mail in a request to the agency for the paperwork. Once the consumer receives it, they have to fill out all of their personal information and then mail it back to the agency.
There are also other reasons besides the one federal law, that allows consumers to get additional copies. Any individual who is denied a job, any kind of loan or an insurance policy, because of the report, can also request additional free copies. There are several states who have also passed other laws, allowing their residents to get copies more often at no charge.
A person's overall score is not contained in the information. The score is a three digit number, based on the information. Consumers wanting to know their score must pay a credit bureau to release it to them. The better a person's credit payment history, the higher their overall score.
Anyone concerned about the health of their financial history, should learn the quick and easy steps of how to get a credit report. The more vigilant a consumer is about monitoring their borrowing and payment data, the harder it will be for thieves to cause any damage. A little prevention can go a long way.
The copy of the person's financial history shows where they have lived, and for how long. It also lists the companies they have borrowed money from and the history of their payments. The paperwork can also show other, negative details, such as if the person has ever been arrested, sued in court, or filed for bankruptcy. Any consumer show finds mistakes in the data should make every effort to have it corrected.
The data contained in the paperwork is used by lenders to get a snapshot of a consumer's borrowing habits. They also want to know if the person makes a habit of paying their bills on time, or whether they appear to be having a cash flow problem. If the lender sees too much negative information, they can decide to charge a potential customer a higher interest rate, because they are a higher risk.
In the United States, each consumer is allowed by federal law to get one free report each year from the three largest financial reporting agencies. The information is not automatically sent out on an annual basis. The person must request it, themselves.
Anyone requesting their copy directly from each of the reporting agencies will have to pay a small fee. There are also many other businesses that will provide the service for a nominal charge. Consumers can also contact the Federal Trade Commission, based in Washington, D. C. They can be reached online, by phone or via mail. The Commission has all the information consumers need to get their free copy.
The Commission does have a brochure outlining the procedure for a request. It is known as the "Annual Credit Report Request." Consumers can mail in a request to the agency for the paperwork. Once the consumer receives it, they have to fill out all of their personal information and then mail it back to the agency.
There are also other reasons besides the one federal law, that allows consumers to get additional copies. Any individual who is denied a job, any kind of loan or an insurance policy, because of the report, can also request additional free copies. There are several states who have also passed other laws, allowing their residents to get copies more often at no charge.
A person's overall score is not contained in the information. The score is a three digit number, based on the information. Consumers wanting to know their score must pay a credit bureau to release it to them. The better a person's credit payment history, the higher their overall score.
Anyone concerned about the health of their financial history, should learn the quick and easy steps of how to get a credit report. The more vigilant a consumer is about monitoring their borrowing and payment data, the harder it will be for thieves to cause any damage. A little prevention can go a long way.
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