Annual Credit Report

Posted on May 21, 2015 in Credit Report

Obtaining your Annual Credit Report and how it affects your Credit Score

When the federal government passed the Fair Credit Reporting Act every consumer was given access to a free annual credit report. This annual credit report is supposed to shed some light on a consumer's credit history so that he or she knows what is affecting their credit score in the eyes of creditors. Checking on your credit score through an annual credit report is one of the most important things a consumer can do. You credit score is such an important piece of information about you that it can even determine whether or not you are offered a job.

How to get your Annual Credit Report

There are several different ways that you can get your annual credit report; however, there is only one federally authorized website that will pull your report from the three major credit reporting agencies at one time. The website that is backed by the federal government is annualcreditreport.com. Through this website consumers can place an order for their annual credit report via the web, phone, or regular mail. If you do decide to order your annual credit report via the phone or mail you can expect to wait up to two weeks to receive your report. This is why it is recommended that you order your report on the internet. Once you have submitted all of the necessary information you will have access to your credit report in a matter of minutes instead of days.

By quickly receiving your credit report you will be able to act much faster on any error that may be included in your annual credit report. If you do notice an error made by one of the credit reporting agencies you will want to fight that error right away, so that the blemish does not continue to harm your credit rating. This is one of the main reasons why it is so important for consumers to check their annual credit report. You never want to have any unwarranted marks against your credit score, as this will have a negative impact on your credit rating.

Another reason why it is recommended for consumers to pull their annual credit report from all three major credit bureaus is to help fight identity theft. Constantly checking your credit card statements is not enough when it comes to fighting identity theft. Consumers need to proactively check their annual credit report to make sure that someone is not going around the country and opening new lines of credit in their name and damaging their credit score.

A person's credit score is one of the most important pieces of information he or she carries around. Maintain a low credit score and you will find it very difficult to apply for home loans or open up a new credit card. Carry a high credit score and you will easily be approved for various loans with the lowest interest rate possible. In order to make sure that your credit score is as good as it can be you will need to constantly monitor your annual credit report. Observing your credit report will allow you to quickly correct any errors or inaccuracies located on your credit report. Also, you will have a much better chance of stopping identity theft in its tracks when you order an annual credit report.

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