Candy L Dihel asked:
Under the FACT Act (Fair Credit Reporting Act) consumers have the right to see their reports once per year for free.
Your credit report shows current and past addresses and names used. Your credit score or rating is contained on your credit report. A record of you credit history is shown. It also shows if you have had any late payments. It will show liens and judgments that are not paid. Of course bankruptcy also shows up too.
There are three acknowledged credit bureaus in the United States. They are Experian, Equifax and TransUnion. All of these keep autonomous reports on virtually every adult in the country. You can find all of these online, but do not apply direct to them to see your report. The services they provide through their websites are for people who want to see their report more often. You probably do not need this. There is usually a monthly fee needed to be able to see your report.
The finance company will apply to the bureau it is a member of, to get your score and your report when you apply for credit. More often than not, they will make a decision based on the score alone. Every now and then, if your score is right around their cutoff point, they may take into consideration the details of your credit history.
What if you get turned down for a loan? First check your credit report to find what caused the rejection. Avoid applying for any more loans until you correct what the problem is. More rejections will only bring your score down more. Mistakes on your report can be corrected.
Be careful not to have too many people check your credit in a short time. A lot of enquiries cause the report to be flagged. So do not give loan companies, potential landlords etc permission to check your credit score until you have decided that you definitely want the loan or apartment that you were looking at. Ten different landlords applying for a credit report on you within a short time would flag you as a possible bad credit risk.
Like I said before. Under the FACT Act (Fair Credit Reporting Act) consumers have the right to see their reports once per year for free.
However you can also get a free or low-cost report in some other circumstances, even if you already saw it less than a year ago:
- if you have received an adverse action notice in the last 60 days because of information in a credit report
- if you are unemployed or receiving welfare
- if you know that you have been the victim of fraud or ID theft, and you think this may have affected your credit score
- if your state law allows you to get more free or low-price credit reports.
Nathan
Under the FACT Act (Fair Credit Reporting Act) consumers have the right to see their reports once per year for free.
Your credit report shows current and past addresses and names used. Your credit score or rating is contained on your credit report. A record of you credit history is shown. It also shows if you have had any late payments. It will show liens and judgments that are not paid. Of course bankruptcy also shows up too.
There are three acknowledged credit bureaus in the United States. They are Experian, Equifax and TransUnion. All of these keep autonomous reports on virtually every adult in the country. You can find all of these online, but do not apply direct to them to see your report. The services they provide through their websites are for people who want to see their report more often. You probably do not need this. There is usually a monthly fee needed to be able to see your report.
The finance company will apply to the bureau it is a member of, to get your score and your report when you apply for credit. More often than not, they will make a decision based on the score alone. Every now and then, if your score is right around their cutoff point, they may take into consideration the details of your credit history.
What if you get turned down for a loan? First check your credit report to find what caused the rejection. Avoid applying for any more loans until you correct what the problem is. More rejections will only bring your score down more. Mistakes on your report can be corrected.
Be careful not to have too many people check your credit in a short time. A lot of enquiries cause the report to be flagged. So do not give loan companies, potential landlords etc permission to check your credit score until you have decided that you definitely want the loan or apartment that you were looking at. Ten different landlords applying for a credit report on you within a short time would flag you as a possible bad credit risk.
Like I said before. Under the FACT Act (Fair Credit Reporting Act) consumers have the right to see their reports once per year for free.
However you can also get a free or low-cost report in some other circumstances, even if you already saw it less than a year ago:
- if you have received an adverse action notice in the last 60 days because of information in a credit report
- if you are unemployed or receiving welfare
- if you know that you have been the victim of fraud or ID theft, and you think this may have affected your credit score
- if your state law allows you to get more free or low-price credit reports.
Nathan
