Not everyone realizes the importance of free annual credit report. The issuing agencies such as Experian, Equifax and TransUnion, as well as the central website of annualcreditreport.com issue this report to every bona fide American citizen. To be able to get these reports one does not have to undergo an ordeal. You can simply call their number, write a mail or request an online report, and request for your report. These three consumer reporting companies cover the entire country. Every 12 months you are entitled for your free credit annual report either at the same time or with a difference of few months.
Advantages of free annual credit report
Once you have your report in your hand, you will be able to know your financial rating in the fiscal market. Sometimes we are not able to make our own assessment of how promptly we pay back loans, so to know the exact status and to know how much loan we qualify for, it is essential to keep a copy with you. This will be very useful at the time of getting a job, or buying insurance. This will also serve many purposes at the time of purchasing some property and any major purchase. This is beneficial for both parties – financial institutions and the loan applicants. In fact before you go for a loan, it is a good idea to have the report in your hand and to get familiar with the facts about your financial standing. This way you will not get a shock later on when you realize that you could qualify for a better interest rate than you've got.
In case of missing information
If after you receive your free annual credit report and you find out that certain information is not correct or not there at all, you can make a report in writing and contact the agency to point out the missing or the incorrect information. They will get in touch with the information providing source and let them know of the discrepancies as per you. The consumer reporting company will provide you with the details of address of the information provider. Your most negative information can be reflected for seven years and for bankruptcy they can reflect it in your free credit report from the government for ten years. Creditors, employers, issuers and all such businesses for whom using your information from the credit report is necessary can access your credit report.