Why You Should Get Your Free Credit Report

Why You Should Get Your Free Credit Report

Why would I want to receive a copy of my free credit report? Several reasons come to mind. Contained in your credit report is information that can affect your life in many ways – how much you will have to pay in interest to borrow money, or whether you will already get a loan. Will you be able to get a lease, or sign up for a cellphone plan? Your credit lies at the bottom of many financial transactions in your daily life. You want to ensure that all the information in your report is complete, up to date and most importantly accurate before you apply for a mortgage, buy insurance or already apply for a job.

Prevent Identity Theft

When someone uses your personal information like your Social Security number, name, address, telephone number or credit card number to commit fraud, it’s called identity theft. This is a huge hassle to go by because the fraud is being committed in your name. Thieves may open new credit card accounts, buy items online or sign up for sets like cell phone plans – all with your personal details. Since they never planned on paying the bills the unpaid accounts will be reported on your credit report. In addition to receiving bills for goods and service you never received, your credit will be affected that would make it more difficult for you to receive credit, insurance or find work.

If you get reports on your credit at the minimum once a year you know you’ll always be on top of things, and can act quickly to stop any infractions before they get really serious.

You will need to provide some of your personal information in order to get your credit report sent to you. This includes at the minimum your address, complete name, date of birth and Social Security Number. It may also include your current employer, information about your banking arrangements and mortgage payments. The reason you’ll have to provide this information is so that the credit reporting companies (Experian, Equifax and Transunion) can be absolutely certain that you are truly you, and have the right to request your free credit report. Wouldn’t it be ironic if an imposter was able to get keep up of your credit report?

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