CreditCardsAct

A free credit report gives you a clear picture of your financial standing. It determines your eligibility to get loans to buy that house of your dreams or that car which you always wished to own. Besides focusing on your credit card balances and the timely payment of your loans, a free credit report also highlights any discrepancy in your credit status. It is very important that you keep yourself abreast of your account balance on a regular basis.

This could also help you to skim out any anomaly in your credit report caused by the fraudulent attempts of identity thieves. These identity thieves encroach upon your account and set up fake accounts in the name of innocent consumers. Infect, a major bank on America complained about the huge losses they suffered due to the activities of identity thieves. Their computer databases containing essential information about their 1.2 million federal staffers and some U.S. Senators were hacked by these identity thieves to set up dubious accounts.

In 2003, the Congress passed the Fair and Accurate Credit Transactions Act to bring down the incidences of identity theft and other gross functional errors. This law enforcement made it possible to get a free credit report once a year any one of the three credit reporting agencies: Equifax, Experian, and TransUnion. Consumers could apply for a free credit report either through telephone, mail, or the credit reporting agencies’ official website. The last of these modes of application for a free credit report is undoubtedly the fastest. Almost all creditors and financial firm use your free credit report to ascertain your financial bearings. Based on this, you are entitled for a loan and the best rates of interest. With a free credit report, you can take a closer look at your financial status.

Any erroneous information in your credit report could be highly risky. You could be denied credit on unfair grounds due to a faulty credit report. Identity theft is one of the most grievous attempts to matter your financial reputation. In a recent incident, where David was a victim of identity theft, found a thoroughly tampered bank account when he saw his free credit report. Even today, David is pooling in all his resources to amend his damaged credit, which wrecked havoc in his life. These days, with free credit report, you can be in control of your finances by being extremely vigilant.

With three agencies offering free credit report, you can apply for one every four months. This helps you to monitor your credit status regularly and ward off any chances of identity thefts. Incase any big budget purchase is on cards, it’s always better to take a closer look at all three credit reports. But remember, a free credit report does not hint at your credit score. A credit score is also a way of grading a consumer’s creditworthiness on a scale of 350-800. A higher score implies greater financial security. A credit score could be obtained from Fair Isaac or any other premium credit-reporting agency by paying just $4 to $8. A credit score is a quicker way for creditors to determine your financial standing.

Remember that there is only one official site that guarantees you a true copy of your free credit report. These days there are several websites that advertise for a 30-day trial membership in credit-monitoring programs along with a copy of your free credit report. After a month elapses, the membership calls for paying for your credit reports. Just be wary of such marketing gimmicks because a law prohibits any advertisements that make you shell out money for your credit reports. So, get hold of your free credit report now to ensure a sound credit status.

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