For years now we have all been entitled to get a free credit report once a year from each of the three major credit bureaus -- Experian, Trans Union and Equifax. It is critical to know where you stand.
Why?
Because before you can get a loan of any kind, before you can rent an apartment, buy a car or get a mortgage, lenders will check your credit report. (Shockingly, John Ulzheimer from Smart Credit tells me only 4% of people have obtained their FREE report)
You need to check your credit for late payments that may be hurting your credit. But you also need to check it for mistakes. Estimates are that, at minimum, two-million reports contain errors. That’s a lot, especially if your credit report has a mistake and it prevents you from getting that loan.
That’s just one of the reasons the Consumer Financial Protection Bureau will begin oversight of the credit reporting bureaus come September 30th.
Remember, a mistake or “bad credit” can not only hurt your chances of getting a loan or push your interest rate higher, bad credit can prevent you from getting a job. Yes, employers will check your credit score, which is derived from your report. Pull your credit report before applying for a job.
There is only ONE place to get your FREE credit report: www.annualcreditreport.com. Or call 877-322-8228 (You cannot get one of your scores free, only your reports)
If you need to dispute or correct information on one of your reports:
Click here to learn about ways to improve your report and your score.
