The Right to Access Your Free Credit Report
Contributed by Jessie Hart
Free Credit Report: It Wasn't Always Free
A recent amendment to the Fair Credit Reporting Act has provided all Americans with the right to view their credit report free of charge. Now, once every twelve months, each nationwide consumer reporting company is required to provide you with a complimentary copy of your credit report every twelve months. This amendment began going into effect in the western states in December of 2004 and by September 2005, all Americans will be able to take advantage of their right to a free yearly viewing of their credit report.
Free Credit Report: Seize the Opportunity
Why is it beneficial to view your credit report? Simply put, your credit report is the financial history that prospective creditors, insurers, or employers will want to see before they consider making you a financial liability. Your credit report includes information about where you live, how you pay your bills, whether you have ever been sued or arrested, and if you have ever filed for bankruptcy. This information is sold by consumer reporting companies to lenders, or insurance companies, or individuals who are considering entering a business partnership with you.
It is common for their to be technical glitches or human errors on your report which is why it is important that you view it periodically in order to ensure that any mistakes can be made right. When you see what you think might be an error, you can contact the credit reporting company and have it fixed in as little as 72 hours. A tainted credit report can deter an company who is considering entering a financial relationship with you, therefore, it is crucial to have all clerical blemishes removed as quickly as possible.
Also, with identity theft on the rampage in America, viewing your credit report can help to protect you against fraudulent use of your personal financial information.
