A credit report or credit history is a document containing a person's personal information, borrowing and payment history, late payments, bankruptcy, liens, inquiries from businesses that offer credit cards and loans, and credit score. The credit information is created by credit bureaus based on the information submitted by credit card companies, banks, stores, government agencies, and other businesses.
In the United States, The Fair Credit Report Act requires all national consumer credit reporting agencies to provide a copy of the credit reports to any consumer who requests for it once every 12 months. These credit bureaus are:
The smart way to order for a free credit report is to schedule the request every 4 months or 3 times a year. For example, you can visit the website or send a letter to each of the credit bureaus to request a copy of the credit report as follows:
- From Experian – January of each year
- From Equifax – May of each year
- From TransUnion – September of each year
If you want 6 credit reports every year, you can schedule the request for a copy of your credit report from the above six credit reporting agencies every 2 months.
In the the above request scheduling, you can verify what is going on in your credit reports - whether the information reported on your behalf is correct or wrong. In this case, you can monitor the accuracy of your credit history the whole year round. Just in case you plan to purchase big items anytime, you know that your credit standing is very good or even excellent. In addition, unscrupulous lenders cannot fool you by telling you that there are some problems in your credit information in order that you will be charged with a higher interest rate.
So to be smart, start encircling the 3 months and dates (interval of 4 months each) in your calendar when to request for a free copy of your credit report from the 3 credit bureaus.
Quote for the Day:
“But when you give to the poor, do not let your left hand know what your right hand is doing, so that your giving will be in secret; and your Father who sees what is done in secret will reward you.” (Matthew 6:3-4)
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