A New Financial Reform Can Help People Get a Free Credit Report More Easily
Many people try to get a free credit report to ensure they will have a good credit score if they apply for a loan. Now thanks to the recently passed Dodd-Frank Wall Street Reform and Consumer Protection Act, people who need this information, that’s used to calculate their credit score, will find it to be more accessible.
Now with the passing of this legislation, lenders which turn down their customers for loans, are required to give them copies of the credit reports used to make their decision. This requirement could ultimately benefit anyone who is unsure of their credit score, although the law does not require credit bureaus to give copies of people’s credit score when they order free credit reports online.
The way this works is that anytime an “adverse action” (declined loan, etc.) occurs against you, you are entitled to receive a copy of your credit report. Many Americans assume wrong that as long as they meet their credit card’s minimum payments, they have a good credit score. Receiving periodic checkups from credit reporting agencies can give you the opportunity to be more aware of your credit score’s actual state. It is a good idea to keep your credit monitoring accurate.
A free credit report could keep you off unpleasant surprises and to avoid experiencing a harsh reality check, make sure you keep track of your credit lines, and only carry credit cards you need. You should also be aware of your FICO credit score so you know where you stand. The major major credit bureaus do a fair credit reporting but you should take advantage of the new credit reporting act and request the credit report from lenders if they turn you down for a loan.
In addition to receiving your credit report score whenever you are turned down for a loan, you are also allowed to receive your credit report check from government-sponsored credit site AnnualCreditReport.com. The site will not give you a numeric credit score, but it will deliver a detailed rundown of factors that impact your credit score.
You should always be careful with the financial decisions you take, and ensure you take advantage of the credit reporting you are entitled to. You should also be aware of your credit rating as this will be very important for your credit history as time goes by.
101 Powerful Credit Repair TipsThe following 101 tips can get you well on your way to boosting your credit score and saving you money. By the end of this ebook, you will... Read More >
Repair Your Own Credit for FreeBad credit destroys your ability to get loans and credit cards. Did you know that you can repair your own credit and boost your credit score for free ... Read More >
Free Credit Report; Learn How To Use Your Annual Free Credit Report To Check Your Credit Score And Credit History, Dispute Errors, And Protect Yourself From Identity TheftDid you know that you are entitled to a free annual credit report? Would you like to learn the process to accessing your credit report and correcting ... Read More >
Posted by Denis Norris
on Jul 29 2010. Filed under Featured News, Finance.
You can follow any responses to this entry through the RSS 2.0.
You can leave a response or trackback to this entry
