Guaranteed Ways to Obtain a Free Credit Report Once a Year

Nov 25, 2010 Asa Ghaffar

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Every U.S. citizen has a legal entitlement to a free credit report once a year from Experian, Equifax and TransUnion. Whether you decide to get them all at once or request one every 4-months, the choice is entirely yours. Just remember that each credit reference agency holds totally unique information.

Never work on the assumption that correcting the information held by Experian will resolve any issues with the data held by TransUnion or Equifax because it won't. After you've got your credit reports for free, carefully check what information is held about you.

Why we Need a Free Credit Report Once a Year from Experian, Equifax & TransUnion

Your free instant credit report enables you to identify any fraudulent attempts to obtain credit. If you don't recognize the source of a credit check, you're able to make further enquiries. It may be that your identification has got into the wrong hands and urgent action needs to be taken. More likely, the lender or issuer uses a different name or third party to credit check you.

A free credit history report also enables you to see any credit report errors. Many American citizens are surprised at how much inaccurate data's held about them. You're legally entitled to get these errors corrected personally or with the help of a credit repair attorney. For example, if you've filed for chapter 7 bankruptcy, you'll want to know why a credit agreement that was included in your bankruptcy agreement continues to show as active.

Before you apply for credit, you're able to correct any inaccuracies and maximize your chances of a successful mortgage, credit card or loan application. Lenders can't tell whether you have bad credit or bad data; the onus is firmly on you to remedy any mistakes. Always allow sufficient time for credit reference agencies to correct any issues as this won't happen overnight.

How to Obtain Your Totally Free Credit Report Online, by Post or by Phone

The Federal Trade Commission (FTC) has only authorized one company to provide your completely free credit report and that is AnnualCreditReport.com. be weary of any company who claims that they are also authorized by the FTC because they won't be. Depending upon your personal preference, you can order your free credit report once a year in one of three ways:

• Visit AnnualCreditReport.com and make your request online.
• Telephone (877) 322-8228.
• There's a form at the back of the annual credit report request brochure. Just complete and send it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

Obtaining Your Free Instant Credit Report & Credit Score Online

Most people are dismayed to discover that, although they're entitled a free credit report once a year, they cannot see their credit score for free. The Fair Credit Reporting Act makes no provision for providing you with a free credit score which can be a potential issue if you're planning to apply for credit in the near future.

However, once you've got your free credit history report, there's nothing to stop you from signing-up to a 7-day trial offer. You can then see your credit score and cancel the trial before it comes to an end. That way your credit card won't be billed and you've got the information you need.

Sources

"Your access to free credit reports." Federal Trade Commission (FTC).

Copyright Asa Ghaffar. Contact the author to obtain permission for republication.

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How to Get Your Free TransUnion Credit Report Online

Nov 1, 2010 Asa Ghaffar

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The data held about us by credit reference agencies isn't always as accurate as we'd like it to be. Part of the process of improving our credit worthiness is requesting a free TransUnion credit report online. In fact, we must verify that the data contained in all 3 credit reports.

Each time we make an application for a loan, mortgage or credit card, a search is recorded with Experian, Equifax and TransUnion for a period of 24 months. Creditors are unable to distinguish between bad credit and bad data so the onus is on you to correct any problems.

Our Legal Entitlement to a Free Yearly Credit Report

Under the Fair Credit Reporting Act, each American citizen is entitled by law to a totally free credit report from TransUnion once each year. You're also entitled to the same information from the other two credit reference agencies, Experian and Equifax. This can be requested at the same time.

Who Offers a Free TransUnion Credit Report Online?

The Federal Trade Commission (FTC) stated that there's: "Only one website is authorized to fill orders for the free annual credit report you are entitled to under law — annualcreditreport.com. Other websites that claim to offer “free credit reports,” “free credit scores,” or “free credit monitoring” are not part of the legally mandated free annual credit report program."

How to Get Your Official Free Credit Report from TransUnion

• Go to AnnualCreditReport.com and request a free TransUnion credit report online.
• Telephone (877) 322-8228.
• Write to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

Why Do We Need All 3 Credit Reports from TransUnion, Equifax & TransUnion?

• The information held by each credit reference agency is unique so verifying that the information help by one agency isn't sufficient. If the data's inaccurate, we must get this corrected.
• We're concerned that we may have been the victim of a fraud. Unless we check for relevant credit searches and applications, we have no way of verifying this.
• We want a copy of our free TransUnion credit report because we intend to refinance or apply for new credit. It's important that any errors are corrected before making an application.

How Do We Get a Totally Free Credit Report & Credit Score?

Although the law entitles you to a free TransUnion credit report, it doesn't "yet" entitle you to see your credit score. If you need this information because you intend to apply for credit, there are two ways that you can easily get hold of this information.

You've either got to pay to see your credit score or take advantage of a free 7-day trial offer. If you do choose the latter option, be sure to cancel it before the trial reaches a conclusion. If you don't, a month's subscription will be taken from your registered credit card.

Articles on Using Your Completely Free Credit Report to Fix Credit Problems:

Sources

"Your access to free credit reports." Federal Trade Commission (FTC).

Copyright Asa Ghaffar. Contact the author to obtain permission for republication.

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Order Your Completely Free Yearly Credit Report Online

Nov 1, 2010 Asa Ghaffar

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If you're about to apply for a new credit card, mortgage or car loan, you're no doubt wondering what information credit reference agencies hold about you. Rather than paying a company a fee for this information, you can get your free yearly credit report online or sent to you via post.

The Fair and Accurate Credit Transactions Act gives each American citizen the right to all 3 credit reports from Experian, Equifax and TransUnion once every 12 months. You're also entitled to a completely free credit report in other circumstances, such as personal identity theft.

How to Get Your Free Yearly Credit Report Online

The only FTC authorized provider of truly free credit reports is AnnualCreditReport.com. You can either visit their website, call (877) 322-8228 or request it by post. Their address is Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281

Although you're entitled to a totally free credit report, you aren't "yet" entitled to see your credit score. This may change in the future, but there are currently only two ways to get this information. You can either pay for this information or you can take advantage of a 7-day trial offer and then cancel it.

Making the Most of Your Official Free Credit Report

While most of us prefer to request a copy of all 3 credit reports at the same time, others prefer to request one from each agency every 4 months. Although it's certainly not a perfect strategy, it does allow you to keep an eye on your financial affairs without costing you any money.

Be aware that the information that each credit reference agency holds is completely unique. Don't work on the false assumption that correcting the information with one agency will correct all three because it won't. If there are errors on your report, you'll need to correct them individually.

Using Your Official Free Credit Report to Correct Errors

You may have always believed that the information credit reference agencies hold is completely accurate, but this isn't the case. Before applying for credit, the onus is on you to correct any mistakes. You can either do this yourself or through a credit repair attorney.

Scrutinize your free yearly credit report online for information that is erroneous. You needn't worry about old addresses or obsolete employment data, but do look closely for credit applications that you've never made or debts that appear to have been incorrectly settled. You are entitled to correct any errors by notifying the credit reference agency that holds bad data. Always include a copy of any relevant supporting information.

Articles on Using Your Completely Free Credit Report to Fix Credit Problems:

Sources

"Your access to free credit reports." Federal Trade Commission (FTC).

Copyright Asa Ghaffar. Contact the author to obtain permission for republication.

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  Order Your Free Yearly Credit Report - Image by Free Yearly Credit Report

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  Completely Free Credit Report Online - Image by rojas897

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Deficit Report: 2010 Federal Budget Deficit Over $1 Trillion

WASHINGTON — The Obama administration is set to report Friday that the federal budget deficit exceeded $1 trillion for the second straight year, providing critics of government spending with fresh ammunition ahead of the midterm congressional elections.

The Congressional Budget Office is projecting that the deficit for the 2010 budget year that ended Sept. 30 will total $1.29 trillion. That's down by $125 billion from the $1.4 trillion in 2009 - the highest deficit on record.

Soaring deficits have become a problem for Democrats in an election year focused on the weak economy.

Republicans have tapped into voter angst over the deficits, using the $814 billion economic stimulus and $700 billion Wall Street bailout to paint President Barack Obama and his party as big spenders.

Democrats say the recession would have been worse if the government didn't step in with those programs to prop up the economy. They also note that most of the bailout, which began during the Bush administration and was supported by many Republicans in Congress, has been repaid.

Both parties have acknowledged that rising deficits will present headaches for policymakers regardless of which party controls Congress after November.

The Obama administration is projecting that the deficit for the 2011 budget year, which began on Oct. 1, will climb to $1.4 trillion. Over the next decade, it will total $8.47 trillion. Deficits of that size will constrain the administration's agenda over the next two years and will certainly be an issue in the 2012 presidential race.

Top economists with the National Association for Business Economics forecast this week that the 2011 deficit will total $1.2 trillion, only slightly better than the administration's estimate. These analysts pinpointed excessive federal debt as their single greatest concern, even more so than high unemployment.

Obama has appointed a bipartisan commission to study the deficit and recommend policy changes. Those recommendations are expected in December, after the elections, and the panel needs the backing of 14 of its 18 members to trigger a congressional vote.

Building that level of consensus will be difficult. Republicans are strongly opposed to a plan that includes tax increases to chip away at the deficit. Democrats are less inclined to move a package that relies solely on spending cuts.

Even if Congress doesn't vote on a deficit-cutting proposal, it faces the challenge of reaching a consensus on what to do with the Bush-era tax cuts that are set to expire on Dec. 31.

The Republicans are fighting to renew all of the tax cuts. Obama and the Democrats want to extend the tax cuts for every family making less than $250,000, but let them expire for the wealthiest households.

The difference between the two parties amounts to $700 billion that will be added to projected deficits over the next decade if the tax cuts for the wealthy are extended along with the other tax cuts.

So far, the huge deficits have not been a threat to the country. That's because interest rates have been so low coming out of the recession and the United States has been seen as a safe haven for foreign investors willing to keep buying U.S. Treasury bonds.

But the situation could change once the economy gains more momentum, analysts warn.

"If we get to 2013 and policymakers don't look like they have a credible plan to deal with the deficit, then interest rates are likely to rise significantly and that will jeopardize the recovery we have under way at that time," said Mark Zandi, chief economist at Moody's Analytics.

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