Yearly Credit Report

According to law, a yearly credit report is available free to everyone and should be obtained to help protect oneself from identity theft. With the increase of identity theft, more options are available for people who want to keep track of what their financial and personal history shows. A person must be responsible for knowing what the report says. A credit report is also referred to as a credit history because it displays information pertaining to an individual's history. The document acknowledges a person's past, present, and helps predict what the future holds. A yearly credit report will show an individual's credit score. The score reflects personal, financial, and legal facts. A few reflections include on time and late payments, bankruptcies, possible fraudulent accounts, and potential errors. As increase in population occurs, errors in reports grow. A person is just as responsible in controlling errors as the three bureaus.

Access of a free yearly credit report occurs by going online and requesting the information or by requesting the information via phone or mail. The quickest and easiest method for accessing a statement is via the Internet. The Internet can also provide more secure methods in receiving the confidential analysis. Most sites offer privacy guards and encrypted methods for reviewing and downloading personal information. In reviewing the yearly credit report, people should write down any questions concerning errors, discrepancies, or personal concerns. Consumer reporting companies keep the file disclosures current. The file will not only show the personal, financial, and legal matters of a person, but the disclosure will also show the person if other companies or people have accessed their file.

A person's history account shows others, including potential employers, the stability of a person. The yearly credit report keeps current the summation of all three credit bureaus. An individual searching for a job should know that most employers pull credit reports. An employer looks for legal issues such as theft or other unlawful discrepancies. Employers look for length of residency at a job and in a geographical location. If an individual's history shows a lack of longevity in either job or geographical status, the hiring process could take much longer. Employers look for people that will be loyal to a company. Because training any new employee costs money, an employer would rather hire an individual who has fewer skills but the potential to remain longer with the company than hire someone with skills whose longevity in positions is short. Even skilled employees need on the job training to be acclimated to the new position and the position's requirements.

While keeping track and up-to-date on current information is important, accessing the data often can reduce the person's score too. For most people, the yearly credit report substantiates what an individual should already know about personal history. A person, seeking to buy a larger item and requiring a loan, may discover low scores. Because of low scores, loan officers then offer higher interest rate quotes or the need for a person to make a larger down payment. A few warning signs for a person to view the report are as follows: denials of credit, the aforementioned higher interest rates or larger needed down payments, a longer process in seeking employment, and difficulties in receiving insurance, rental agreements, a mortgage loan, or car loan. An individual should also be aware if a current card-spending limit lowers or gains a higher interest rate. While everyone is entitled to one free yearly credit report, people unemployed or on public assistance can usually receive an additional check at no charge. A fee pertains to any information attained beyond the yearly report.

An individual must maintain accurate records for their personal files. The best methods in tracking information occurs in not relying on others but being personally involved in the efforts for warding off erroneous attacks. "So then every one of us shall give account of himself to God" (Romans 14:12). Computers help offer safeguards to protect recorded information but can only hold certain information...unless, of course, an individual scans all documents and stores them on the computer. The process, while accurate, can be time consuming and paper files should always be stored too. In reviewing a yearly credit report, a person can check the account's facts against the facts they have recorded. Notebooks, file folders, and 3-ring binders help hold facts together. Notebooks provide a place for written information to be stored in one bound location. File folders offer the opportunity to divide information into categories and keep separated depending on where information needs to stay. Many people prefer a 3-ring binder to hold personal information. 3-ring binders, especially filled with plastic page protectors, provide a place for all personal information. The 3-ring binder offers a greater flexibility in removing and updating information. The binder should hold bank, credit card, and store cards information. The binder should also hold any paperwork pertaining to loans for a house, boat, or vehicle. Other information stored in the binder could include health, life, home, and vehicle insurance, other financial matters pertaining to IRA's, bonds, stocks, and scores. Because the information is stored so closely together, additions and subtractions of facts can occur with ease.

Lastly, another important addition to the gathered information is any communication or other transactions that might occur when trying to confirm or correct facts on the scores. Important data to keep is the date, time, day, and the customer service person's name handling the situation at the time. Since several communications will transpire, keeping the exact information handy for the next time of communication is vital for easier transactions. Another reason for keeping strict accounts of phone communication is being accidentally disconnected, especially in the transferring process. Keeping an account of the conversation just held might speed up the process in transference to the appropriate person.

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