A credit report is automatically generated for you once you open a bank account or have gotten a credit card, an insurance product and even some high-value commodities like a subscription-based mobile phone. Credit or lending companies request for these files once you apply for a credit or a loan.
Each individual credit report has an accompanying credit score or rating calculated based on key factors. The better your credit rating, the more chances you will have of getting important loans approved.
A credit report is an important personal document and as such, the federal government mandates that the four biggest private credit reporting agencies give free copy of credit report on an annual basis. All you have to do is request for this free copy of credit report online.
The site www.annualcreditreport.com is the centralized consumer site for individuals availing of their free annual credit report as mandated by the federal government. The government has also assigned the Fair and Accurate Transactions Act hotline number, 877-FACTACT, to access the website’s services through phone.
Getting your free copy of credit report from any of the credit reporting agencies is a sure way to ensure you are able to review your credit file at least annually. This is important especially for persons who tend to forget important loan transactions and credit activities that they have done in the past. By receiving a free copy of your credit report, you not only save on cost but also gets to enjoy an automatic reminder to check the accuracy and current status of your credit history.