Time to think about reviewing your credit report.

By law individuals are entitled to free credit reports from the three credit reporting agencies. And you might think this would be easy, getting these reports. But it's not. The only certain source of receiving free annual reports from the three agencies is through www.annualcreditreport.com You may call a toll-free 1.877.322.8228 or you can fill out a request form to get credit reports and mail it in.

The Federal trade Commission offers very clear information and a video to explain the process at http://www.ftc.gov/freereports As the FTC explains, 'many sites claim to offer free reports - and some do.' But others charge by requiring other products or services before sending you your credit report.

So what should you look for?

Your credit report is 'the story of your financial life.' It lists your current and past addresses, your Social Security number, date of birth and your phone number if it is listed. Past and present employers may be listed, also.


Car loans, credit cards and the balances, payment history and any liens or late fees will be listed. In some states your credit report may contain child support payment information. This information impacts if you may get a job or additional loans or credit cards and at what rate you will pay for a mortgage or car loan. The better your payment history, the lower your interest rate may be for loans.

What else should you check?

Make sure the information from agencies or companies listed is accurate. The FTC's web site offers information on disputing errors in your credit report.

Also, check that someone hasn't opened accounts that may not be you. That's fraud and the FTC has links to help identify and tackle identity theft.


For more detailed information on your credit report check out another FTC web site http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre34.shtm

Citation:
Federal Trade Commission explains:

http://www.ftc.gov/freereports




http://www.clearpointcreditcounselingsolutions.org/credit_report/look_inside.aspx



Marion R. Syversen, MBA - President
NorumbegaFinancial
207.862.2952
Marion@NorumbegaFinancial.com
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