This article tackles important information that you need to know about your personal credit report. Check out the following questions and answers before ordering a copy of your report:
Is it free to order a copy of your credit report?
The Fair Credit Reporting Act of 2003 gives all consumers the privilege to get one copy of credit report for free each year. People who suspect to have been victimized by fraud or who have been denied credit can also request for a copy of their credit report at no charge.
Where can you request a free credit report?
You can visit www.annualcreditreport.com to request for a copy of your report. This website is supported by the three major credit bureaus. You can also complete the Annual Credit Report Form Request and send it via post mail at The Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.
What information would be required from you?
You must provide your name, address, and date of birth. Before filling out the form, make sure that you are using the official website as some scammers use this trick to steal personal information.
How much will it cost to get a second copy of your report?
Credit reporting agencies usually charge anywhere from $9.00-$12.95 for a credit report.
What if you don’t understand the codes in your credit report?
A credit report must include a separate document that explains these codes. You can also ask help from a government-accredited credit counseling agency in your city.
What are the notes listed under the Inquiry Section of your credit report?
The Inquiry Section contains a record of all lenders who have checked your credit report. These are companies to whom you have submitted credit applications to. Thus, a potential lender will be able to see if you have submitted applications to other lending companies.
What if you see charge offs in your credit report?
Charge offs are unpaid debts that have long been past due. It means your creditor has given up with its attempt to collect payments. Such a record can send a negative impression to prospective lenders.
Is it possible to remove a charge off from your report?
There are two ways to remove a record of charge off from your credit report. You can either submit your payments to the creditor involved or file for bankruptcy. Nevertheless, bankruptcy must only be taken as a last resort. Take note a record of bankruptcy is also a negative remark that can stay in your report for up to 7 years.