Your Free Credit Report ? The Key to Credit Security


Protecting your credit is essential in this day of identity theft. You'll find that without your credit, you have no purchasing power and that you can even be sought out for repayment of bills that you did not incur. In short, if someone manages to steal your identity, your life can be compromised. It can take years to have these problems resolved successfully. How do you ensure that you are not the victim of this type of fraud? The best option is to get a copy of your free credit report every year and keep tabs on your situation.

Where do you get a copy of your free credit report? You'll find that federal law is on your side here. You are entitled to a free copy of your credit report from all three major credit bureaus once each year (in essence, you get three credit reports). Because each credit bureau may have different information and different items on the report, it is highly advised that you obtain a copy from each one every year. In addition, you can sign up with a service (fee-based) and get a copy of your credit report any time you want. This is the best option for those who are in danger of having their identity stolen.

How do you apply for your free credit report? You'll have three methods to do so. First, you can visit AnnualCreditReport.com, where you can apply to receive your reports through each credit bureau. This is the website setup by the federal government and maintained by the credit bureaus. Applying online for your credit report is the simplest and easiest option you have.

Your second option is to call the credit bureaus individually and request the information. However, you will likely need to fax information to them in order to prove your identity, or at least provide it over the phone. You will need your name, current and previous address, as well as your Social Security number.

Finally, you can write to each credit bureau to obtain your credit report. Of the three methods available, this is perhaps the slowest and least convenient option available. You will need to send in the information mentioned above, in order to validate your identity. If you fail to do this, the credit bureau will not provide you with your free credit report.

What does your credit report show about you? Each report will be separated into different sections, such as current debts, debts in default and other sections. These sections will vary depending on the credit bureau providing the report. However, each item on your report is important. Only by checking each item can you determine if you have been the victim of identity theft.

What should you look for to indicate the possibility of fraud? First, check for debts that you did not authorize. However, be careful when doing this. If you have defaulted on a debt, it might have been sold to a collection agency. If so, then the name of the creditor might be unrecognizable to you. If you do find any debts that you did not authorize, you must contact the credit bureau and dispute the charge. If you find any inaccurate or incomplete information on your credit report, you will need to document it and dispute it with the credit bureau, as well.
Whether you are worried about identity theft or trying to rebuild your credit, your free credit report each year is vital. You will need to ensure that you have access to this information to monitor your credit and debt levels. If you find yourself in need of credit repair, your credit report is an invaluable tool that can help you get back on the path to financial control.

With access to the information on your credit report, you can identify any outstanding creditors and begin the process of paying down your debt. In addition, you can continue monitoring for identity theft during the process. What should you do if you do find identity theft, other than notifying the credit bureau in question?

You may need to take steps with the creditor, as well. After you have notified the credit bureau of the false charges, you can attempt to contact the creditor on the incorrect debt and explain the situation. However, you don't have to do this, as the credit bureau will investigate the claim and determine if your identity was stolen. All three major credit bureaus offer identity theft tools that can be used with your free credit report to help ensure that this vital asset remains safe and secure ? yours to use when you need it. However, be aware that these do incur fees. If you find that you lack the funds for this, but need the help, a payday loan can give you the help you require.