Kitchens by Riland

An amendment to the Fair Credit Reporting Act, in 2004, entitles every American citizen to obtain a free annual credit report. The report is a pretty important piece of information to the banks, debtors, money lenders etc as the report would give detailed information on the credit worthiness of the individual who applies for a loan or debt. The report can be compared to a security certificate. Based on the report, money-lenders, banks, credit card companies decide their credit/ debt policies. And the report can be a basis on which your loan application or credit card application may be rejected. Now, it is important for you as an American citizen to know which credit reporting agency to approach to get your free annual credit report.

American government has given the authority to three major credit bureaus to prepare this credit report for its citizens. The credit bureaus that have been given the authority by the government are:

* Equifax

* Experian

* TransUnion

These three credit bureaus have set up a joint website (www.annualcreditreport.com) where the individual can register to gain his or her copy of the previous year’s credit report.

These three credit bureaus determine the registered individuals’ credit score based on which the debt issuing agencies (banks, credit card companies etc) decide their policies. The credit score lets the money lenders know how credit worthy the individual is and helps determines whether or not a loan is sanctioned.

Each of the three credit reporting bureaus has their own telephone numbers and their own website. But the free annual credit report can be obtained only by registering with the joint website stated supra. If you register with the credit reporting bureau’s website, the bureau may charge you some amount to deliver your credit report. Before registering yourself with the bureau or agency that prepares the credit report, please check whether the agency is authorized by the government of your country to prepare the same. Else the agency may be a scam and get to know your personal or financial details and may use it for identity theft.

Consumer reports magazine has stated that 48% of consumers have errors in their reports, and some severe enough such that the consumer may be denied a loan or a credit card. So the consumers are advised to check their reports thoroughly and make changes in their reports promptly. Also, the bureaus do not approach the consumers for any details. If you receive any calls/ emails from any party seeking personal/ financial information, please ignore such calls and mails as they may be scams.