Information in your credit report helps to determine your credit score. Consumers have the right to obtain a free credit report to remain updated on information reported to the three major credit bureaus each month. The three major credit bureaus are Experian, Equifax and TransUnion. Since there is no fee associated with pulling your credit report, no credit card is required.
Fair Credit Reporting Act
Free credit reports are offered to consumers once each year, thanks to the Fair Credit Reporting Act. Prior to 1974 when the bill was introduced, credit bureaus were not obligated to give you access to information in your credit report. The information remained a mystery until you were denied credit. However, in an effort to protect consumers against inaccuracies and unfair reporting practices, Congress passed the Fair Credit Reporting Act. The Fair Credit Reporting Act states that credit bureaus are responsible for reporting accurate information about your credit history.
Do I Need My Credit Card?
Checking your credit report via Annual Credit Report is easy. Fill in your personal information including your name, address, Social Security number and confirm each security question to gain access to a credit report from each of the three major bureaus that include Equifax, TransUnion and Experian. A credit card is not needed to obtain your credit report through Annual Credit Report. You can print out each credit report once you receive it or save a copy to your computer.
Credit Card Required
If you opt to request your credit report and a credit score together, a credit card is required to pay for your credit score. The Fair Credit Reporting Act, unfortunately, does not offer you the right to know your credit score. For a small fee, each of the major credit bureaus allows you to view and download your credit score. If you are using a site that asks for your credit card information for a free credit report, proceed with caution. Never offer your credit card information to a website you don't trust.
Considerations
Ordering a free copy of your credit report doesn't require a credit card. Many sites offer trial memberships and additional products with your credit report that may result in a request for your credit card information. There are many ways to order your credit report for free without providing your credit card such as through a letter in the mail or by phone. Contact each of the three major bureaus once per year to obtain a free copy of your report. Free reports also available if you were recently denied access credit based on the information in your report.
0 comments:
Post a Comment