Why Bother Getting a Free Credit Report Online?


Indeed, why is it such an important thing for you to get a free credit report online? It?s not going to change the world. It?s not going to help the White House improve America?s economy. It?s not even going to help you get out of debt! Everyone says you should check your free credit report but you can?t really think of a reason why, can you? Well, here is a good reason. Because you are already in debt, you cannot afford to be plunged into even deeper debt, especially if the purchases are unauthorized.

That?s right, you could very well be the victim of fraud and thus owe twice as much money as you think you do. Millions of Americans every year analyze a copy of their free credit report only to discover fraudulent activity has been taking place at their expense. Not all cases of unauthorized debt even involve fraud; sometimes it can simply be a matter of a clerical error. For example, a store could have misunderstood a conversation and charged you for an item that you didn?t want. Sometimes stores may leave items on a credit card until you specifically request that it be removed. You could encounter numerous situations. What?s important is that you look into it as soon as possible.

What should you know about a free credit report? Yes, you do have the legal right to check your credit once every 12 months according to U.S. Federal Law. Not only do you have the right to one free credit report, but you also have the right to three. That is, three versions of your credit history as reported by the major credit bureaus, TransUnion, Experian and Equifax. You can request this report by phone, email or postal mail. The easiest way to do this is to go to the website at AnnualCreditReport.com and print out a copy of each bureau directly. You should always check three different reports because this information is not standardized. The bureaus get their information from multiple sources and these could involve numerous creditors.

After you get a free credit report, check for the debts you know and take note of any unauthorized charges. The sooner you dispute these charges the better. You can dispute a charge by writing a letter explaining the situation and then supplying as much documentation as possible to prove your case. Do not attempt to dispute charges that you know are legitimate; it?s much harder to prove a case based on your testimony alone anyway.

After viewing your free credit report try to work out an arrangement so you can pay off the rest of your debt. This can be a very challenging obstacle. Many of us can?t help but to buy new things on impulse while many of us are swamped with recurring bills and emergency expenses. However, the only way to get out of debt is to pay your debt. If you have access to a large sum of money, such as a savings account, then you could try to negotiate a payoff with your creditors. Another option might be to contact a debt consolidation company and refinance the loan for lower interest rates.

Whatever you decide to do, understand that it is your responsibility to create a workable budget. You must set control miscellaneous expenses and create a fund exclusively for debt repayment. You must do this to get out of debt and continue doing so to stay out of debt in the future. The allocated monthly total should be higher than any finance charges you owe. This reminder seems a bit like common knowledge right? Unfortunately, some Americans pay top dollar to debt consolidation companies and debt counseling services that basically explain the same information as you?ve just read.

There is no great mystery to solving debt problems. It begins and ends with a free credit report. You first analyze the report for problems, resolve them by disputing the charges, and then wait to see if the item on the free credit report has been fixed.
Whenever the issue is successfully resolved, you will get another free copy of your credit report to review.

In addition to these provisions, you are also entitled to a free report if a company takes adverse action against you (like denying your application for credit, insurance or employment) or if you are unemployed, on welfare, or if you feel there is an error on your report. Bear in mind that you are legally entitled to as many credit reports as you want per year; however, beyond the once-a-month right, you may have to pay a membership fee to a public record company. Utilize your legal rights and ask for the free credit report you deserve! For more information on free credit report, visit the only credit website authorized by the U.S. government, AnnualCreditReport.com.