How To Get A Free Credit Report

How to Get a Free Credit Report

The business world is becoming very challenging and demanding. This is because of the series of innovative ideas that are being introduced to the market place on daily basis. This has made entrepreneurs that have failed to move along with the market trends to be out of business.

Over the years, many creative and innovative entrepreneurs with prospect of greatness have been outsmarted out of the market place, this is due to the fact that majority of them lack access to funds. Irrespective of how many an innovation may be, it requires funds to be implemented.

One of the major requirements that lenders consider when giving loan to an individual or business organization is the credit report of the borrower. This will enable them to ascertain the credibility of the borrower as well as the tendency of getting the loaned fund back. However creating a credit report can be very challenging.

What is a Credit Report?

A credit report refers to a document giving a detailed account of an individual credit history. In most countries around the world, this document is an important requirement that lenders use to determine the credit worthiness of a borrower. The information that are entailed in credit reports are collected by credit bureaus and these information will be use to create an objective credit report for an individuals.

There are three credit reporting bureau in United States – Equifax, Experian and TransUnion. These bureaus are saddled with the responsibility of collecting personal credit information an individual and generate a credit reports based on the information gathered.
Information That Are Included In a Credit Report:

⦁ Personal Identity: One of the most important information to be included in a credit report. Personal identity includes full name, verifiable address, and date of birth, social security number, employer’s information and any other important data that relates to borrower’s personal identity.

⦁ Payment Information: This is another important information that is included in the credit report. This information enables creditors and other lending organizations to ascertain the integrity of a borrower to pay back his/her loan.

⦁ Public Records: It is essential for every credit report to have a credit record. This record contains certain sensitive information about a borrower, some of these information are; civil judgements, tax aliens and bankruptcies.

⦁ Debts: Debts owe by a person is also essential information that must reflect on the credit report. This debts include amount owe to all account like mortgages, credit cards, auto loans etc.

⦁ Negative Information: The Negative information of a credit report is the first thing a lender look out when analyzing the credit worthiness of a person. This negative information could be late payments, collections, settled accounts, repossession, voluntary surrender, charge offs and other important items.

The Concept of Free Credit Report and People That Are Eligible To Get Free Credit Report.

It is a known fact that credit report is an important document for determining the credibility and credit worthiness of an individual. Due to its importance, there are instances when the law allows credit reporting bureaus to create free credit report for individuals under certain conditions.

Every American Citizen is entitled to a free credit report from any of the three credit report bureaus once in twelve months. Over time, citizens have been reluctant to getting their free credit report and end up spending more money that could have been saved. Some of the people that are eligible to obtain a free credit report are:

⦁ Unemployed/Public Servant: An unemployed citizen or Public servant is entitled to get a free credit report from any of the credit reporting bureaus at all time. For an unemployed person, he or she is entitled to get a free credit report if he or she plans to look for a job within the next 60 days. This is the only condition upon which an unemployed person will get a free credit report.

⦁ Fraud Victims: The Fair Credit Reporting Act (FCRA) gives citizens who are victims of fraud or identity theft to obtain free credit report. These categories of people that are victims of fraud and identity theft have special right known as Fraud Victim Bills of Right. The bill gives right to fraud victims to get free credit report.

⦁ People who are on Government Welfare Program: People who are on government welfare program can also get a free credit report, during the period that they are being fended for by the government.

⦁ All Citizens: Every citizen of America has the right to get a free credit report once in every twelve months. Any citizen that has not applied for within the last twelve months can apply to obtain a free credit report from any of the credit bureaus.
How to Get a Free Credit Report

Getting a free credit report is very easy. However, most people don’t have the information required to produce a free credit report. This is because it requires a systematic process that must be followed. Below are the steps for obtaining a free credit report:

⦁ Visit annualcreditreport.com: The first step to creating a free credit report is to visit annualcreditreport.com. This website is jointly set up by the three credit reporting bureaus in US – TransUnion, Equifax and Experian. The website is tailored towards enabling to request for credit report easily. It is strongly advisable not to use any other site when requesting for free credit report, this is due to the fact that it is the only website that is authorized to issue free credit report.

⦁ Fill The Required Information: Once you visit the website annualcreditreport.com, you will be required to fill certain information. Ensure that you fill the information correctly and the information that will be required are; Birth date, Social Security Number, Current address, Previous address if any etc.

⦁ Decide the credit report to order: There are three credit report agencies that are saddled with the responsibility of gathering information regarding an individual credit history and come up with a comprehensive credit reports. These agencies have different sources of information and their report may be slightly different. It is important for an individual who needs a free credit report to critically look at the best and easiest option to explore.

⦁ Identify Verification: Identify verification is an important requirement that must be fulfilled when obtaining a credit report- whether free or paid. During the verification process any of the credit report bureau that you are using will ask certain questions regarding your credit history. This is to ensure that you are who the actual owner of the credit report you are seeking. The questions are usually related to your credit accounts. Some of the likely identity verification questions are; when was your credit account opened, how much are you indebted to people and other related information.

⦁ View Reports Online: Once the information required have been correctly filled online. The credit report can be viewed online by the applicant. This is a way of knowing that your report has been saved and ready for printing.

⦁ Alternative to Online Application: If you are a technophobe and not familiar with the use of internet, there are other options you can use to get a free credit reports. These options are email and Telephone. If you want your credit report to be sent to you via phone, what to do is to make a desk call to any of the three credit report bureaus and request for a free credit report. You will have to undergo a quick and simple identity verification exercise via the phone and once your identity is verified, you credit report will be mailed to you by phone within three weeks after the phone call. Also to receive your credit report online, via email. However, to do that you will need to fill the annual credit report request form on line and send it to Annual Credit Request Service office in Atlanta. Once they receive your request, they will send you your credit report within three weeks of applying.

Generally, it is advisable for everybody to get their credit report once in a year from the three credit report bureaus. This will enable you to know if any of the bureaus is including false information inside your report. This may affect your credit score and credit worthiness.

The Concept of Credit Repair Service

Credit repair service is the service of fixing a bad credit report and makes it look credit worthiness. A bad credit report can affect the credit score of an individual or organization; this is why business organizations are keying into the concept of credit repair. There are instances when credit reports bureaus make mistakes in credit report, if the mistake is a negative mistake, it can make the report a bad one. This is where credit repair becomes extremely important.

Over the years, they have been proliferations of credit repair service providing businesses all over. This has made it exceptionally difficult to identify a professional and proficient credit repair company.

However, New Life Credit Help® is one of the best credit repair service provided. They have the legal and financial expertise to make your bad credit report better and improve your credit score. New Life Credit Help® clean up misunderstandings in credit reports and sometimes they intervene professional. With New Life Credit Help®, every client credit score can be better.

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