How To Get A Free Annual Credit Report

With the economic situation as it is, more and more people are in need of a free annual credit report to see what is being said about them when they apply for loans, credit cards and other types of finance. This is partly because it is getting harder to find finance.

With the economic situation in crisis in the USA and many other parts of the globe, people are probably more in need of credit than ever. At the same time, the downturn means that lenders are not so keen to give out unsecured loans. The result is that some people who never had a problem before are suddenly being turned down or told they have a bad credit rating.

If something like this has happened to you, the first thing to do is to get a hold of your credit report. If you were refused some kind of finance deal, ask the lender where they saw your credit history and then apply to the provider to see it for yourself.

You may be angry that they are turning you down on the basis of information from an agency that you may never have dealt with directly, but it is very important to stay calm and polite in all of your dealings with these institutions. That is the best way to get help from the person that you are speaking to. Remember, it is not that individual's fault but company policy that they are enforcing.

Every time that they lend money or issue a credit card, the lender is taking a risk. There are some people who will never pay that money back. They need to work out how likely it is that you are a good customer who can and will repay any debts. Clearly anybody who has always repaid loans on time in the past is more likely to do that again than somebody who has frequently missed payments or has had to be taken to court.

So just about any institution that lends money will contribute reports on all of their customers to say whether they were good steady payers or not. This information is gathered together by the credit agencies and then any member institution can look at your credit history to assess what is the risk of lending to you.

That was the original purpose of credit reports. These days their uses are even more widespread. Most house and apartment rental agencies will consult a credit agency before they agree to rent a property to you. They want to know that you are likely to pay your rent in full and on time. Some employers will even consult your credit history before offering you a job, especially if you are going to be handling money in your job. It may seem unfair but this is one way that they decide whether you are trustworthy.

So you can see that it is very important that you know what is being said about you in these reports. The good news is that if you are in the USA you can get a copy for free from all three of the main credit agencies. These are Equifax (Equifax.com), Experian (Experian.com) and Transunion (TransUnion.com). Just follow the instructions on their website to apply for a copy of your credit report and your current credit score.

Even if you believe your credit history is good, you should take a look at your free annual credit report every year just to make sure that there are no mistakes.

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