Why should I order my free
credit report now?
Because of new amendments
to the national Fair Credit Reporting Act (FCRA), the three
major credit bureaus will be required to provide free credit
reports to all Americans starting in December of 2004. This
requirement will be phased in, beginning with the western
states. A backlog is possible as people rush to get their free
reports. The credit reporting agencies (CRA’s) have a right to
delay providing reports and even correcting errors if the system
gets overloaded.
Why do I need my credit report?
- To make sure that your credit
report is accurate
- To protect yourself from identity
theft
Why should I care about inaccuracies on my
credit report?
Inaccurate information can damage your credit.
Errors can lead to you being denied a loan or paying much more than
you should for loans and insurance. Inaccuracies on your credit
report that make you look like a credit risk can also make it
difficult for you to rent an apartment or find employment.
Carefully review your report for errors and notify the credit bureau
in writing of any inaccurate information. Studies have found that
25-40% of credit reports contain serious errors.
What does my
credit report have to do with identity theft?
Identity theft is the fastest-growing crime in
America. Identity thieves gain access to personal information, such
as your social security number, birth date, birthplace, and mother’s
maiden name. They can use this information to open credit cards and
take out loans in your name. Examining your credit report is
sometimes the only way to discover that your identity is being used
in this way. Identity theft can do a great deal of damage to your
credit. Checking your credit report at least once a year is a good
way to catch identity thieves before even more damage is done.
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HOW & WHY