Years ago, you could not even get access to your Credit Report. Finding out what was being reported about you was a BIG secret. As a matter of Fact, banks did not want you to know. The reason they did not want anyone to know, is because they cannot make money on an educated consumer. Now under the 2003 Fair and Accurate Credit Transactions Act, you are entitled to one Free Credit Report per year. But the big question is do I need a copy of my report? In this article I will discuss why you do, and what is going on in our market place that could affect you. Especially if you are not up to date in regards to what is being reported about you with all three bureaus.
Companies that pull your credit:
1. 35% of employers now look at your credit before hiring you.
2. Utility companies and they are actually thinking about basing your rates on your credit score.
3. Banks for the following:
a. checking accounts
b. Credit Cards; credit card companies also do periodic credit checks once you are a credit card holder ..
c. Installment Loans
d. Mortgage Loans
e. Lines of credit
4. Insurance Companies, they pull credit and base you're Premium on your credit score.
5. Car Lots
All of these companies are involved in everyone's life in some form or fashion. In order to survive these days, most of us have just about everything previously mentioned. Your Credit Report is so important to have, I recommend getting a copy of your report every 60 to 90 days. The Reason for this is your creditor's re- reports with all 3 bureaus every 30 days. Anything can happen on your report that may or may not be accurate. Remember they really don't want you to know your credit. So, I recommend to everyone, keep yourself informed about what is on yours. You also need your credit scores, the once a year free credit report does not come with credit scores.
Remember "Your Credit is your Life."