chiron
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Joined: 10 Feb 2005
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A few notes on Sarah's (all correct from what I can see) summary... if you are primarily interested in disputing inaccurate, negative information on your credit reports, or if you are planning a major financing (house, car) in the next 6-12 months, it may be worth buying a copy (of all three) for a couple of reasons...
1. As Sarah notes, the bureaus have 45 days to investigate and respond to any disputes made per the "free" reports. The bureaus only have 30 days to review if the reports were purchased. This shortened time frame may strain the rather clumsy investigative systems of the bureaus, and can increase the success rate of your dispute(s) as a result. It's been my experience that even grossly incorrect credit report information may "verify" - for example, a creditor recently verified a fraudulently-opened account to the bureaus, meanwhile sending me a letter asking if I knew the account number by chance, as it wasn't in their systems? - so putting a time squeeze on the process can reduce the frustration of this possibility.
2. It's good to know your score(s). It's a shame that your credit scores are not a part of the no-cost reports, as it's nigh impossible to play "guess my score" from the glut of info on a typical report. By obtaining your score as part of a sage glance into your credit profile, you can make some educated decisions on whether or not you may need to pay down some revolving credit balances, dispute inaccurate info on your reports, or whatever else to make sure you're "in the zone" for whatever financing you may need in the near and longer term.
If you do choose to buy reports, typically about $30 can find all three plus at least one score. The score might not be exactly what you'd hear from a car dealer, mortgage broker, etc due to the different algorithms used to compute scores, but it will give you a good sense of your general standing.
Business Web Site Design | Credit Report Repair
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Wed Aug 31, 2005 6:23 pm |
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san577
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Joined: 08 Jul 2005
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| Re: Free Annual Credit Reports |
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quote:
Originally posted by sarah
The major credit bureaus usually sell their credit reports to consumers for $10-$15 each.
However, under the Federal Fair and Accurate Credit Transactions Act of 2003, Equifax, Experian and TransUnion MUST make FREE copies of their reports available to consumers each year. The bureaus already provide copies at no cost to individuals who have been rejected for a loan, insurance or a job because of something unfavorable on their credit report.
Credit bureaus gather information from an array of public and private sources about consumers’ use of credit as a way to help lenders and other users decide whether or not to extend additional credit or make services available.
Reports from each of the major credit bureaus are made available through a central clearing house, the Annual Credit Report Request Service. Copies can be ordered online at www.annualcreditreport.com. They also are available by calling the clearing house toll-free at (877) 322-8228, or by writing the clearing house at P.O. Box 105281, Atlanta, GA, 30348-5281.
If something in their credit report appears to be wrong, a consumer can challenge the report’s accuracy. In addition to requiring that copies of credit reports be available to consumers at no cost, the Fair and Accurate Credit Transactions Act tightened the standards for accuracy in credit reports and added certain rights for victims of identity theft. The credit bureaus have 45 days to investigate a disputed item and reply.
However, a key measure of an individual’s creditworthiness – their credit score – isn’t part of the free credit report. Consumers may decide to pay the $5 to $14.95 needed to get their credit score because mortgage lenders and others rely heavily on the three-digit number when deciding whether or not to extend credit. The score, which typically ranges from 300 to 850, is calculated by using details of a consumer’s payment history, the amount of credit they have and other factors in their credit report.
The free reports were first offered to Western States on Dec 1, 2004. On March 1, 2005, the Midwestern States were added. On June 1, 2005, the Southern States were added. Finally, on September 1, 2005, the Eastern States and US Territories will be included.
A question, requesting personal Credit report from this agency affects credit score?
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Wed Sep 07, 2005 6:23 am |
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chiron
Contributing Member
Cash: $ 11.54
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Joined: 10 Feb 2005
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All consumers may request copies of their credit reports, either at the annualcreditreport.com no-cost site, or via resellers or directly from one or more of the three principal credit bureaus mentioned prior, with NO damage to the consumer's score.
In short, it is considered a "soft" inquiry to request copies of one's own credit information, and it will not impact your credit scores as a result. This makes common sense, as you will not, of course, be extending yourself any further credit or making any offer of financing to yourself.
In addition, inquiries made by existing creditors also are not likely to have any effect on your score (though accepting an extension of credit from them may). It is the solicited inquiries (requesting financing on a car, a new credit card, a home loan, etc) that will ding you about 2-5 points on something like a 2-year sliding damage scale. Not a big deal in most circumstances, provided inquiries are kept to a minimum and assuming you are not a couple of points shy of qualifying for a given line of credit.
Business Web Site Design | Credit Report Repair
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Wed Sep 07, 2005 6:38 am |
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grantchen
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Location: usa
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It is strongly recommended that you should completely take advantage of this policy. Order one report every four months; first from either Equifax, Experian, or TransUnion, and then from the remaining companies at four month intervals. Even obtaining one or two reports a year will enable you to monitor and prevent occasions of identity theft or to detect and eliminate errors on your credit report.
Grant Chen
http://www.keytomortgage.com
KeyToMortgage.Com provides mortgage seekers with FREE mortgage guides, latest mortgage news, mortgage resources and tools to help them go through the mortgage jungle.
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Tue Sep 13, 2005 3:03 am |
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