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You can get credit report for free each year

By Janet Lacey
Published: Friday, August 22nd, 2014

There comes a time in life when you need to take a credit and the key to getting one is your credit report. Everyone needs a good credit report in order to get better terms with the bank or money lenders, but most of us don’t have a habit of checking on our own and some even don’t know how to do this. Even if you’re not planning to take a loan it may not be a bad idea to check from time to time, if for no other reason than simply out of curiosity.

Recent study done by clearly shows that most of the Americans haven’t checked their credit status during the last year. This is quite shocking for the nation that uses this type of bank services as often as it does. 25% haven’t checked their credit reports in the past year with even lower number of those who have checked their credit score – only 22%. There is another 11% of those who haven’t checked their credit reports at all. When it all adds up, it looks like only half of the nation really cares about their credit status regardless if they are in need or just planning to take a loan in the future. Although you may not need a credit at this time, it wouldn’t be a bad idea to check now, especially if you have plans for making purchase that would require you to take a loan.

Most of us have seen online advertisements for free credit reports, but this service is often being offered by websites or companies who are promoting various bank loans themselves. There is no need to leave your credit card number if you wish to get your credit report, since you are entitled to get one for free from any of the three credit bureaus. There is a centralized website held by all three credit bureaus (Experian, Equifax and TransUnion) which allow you to apply for credit report completely free of charge – anyone can get one per year and there are a few situations when you can get more than one for free.
If you are planning to make a major purchase such as a car, a boat or a house, it’s useful to check your credit report in advance. Once you have it you should be looking for any fault entries. Beside your personal data, there should be information on all of your bank accounts and your credit history as well. Be sure to check the details and correct any mistakes you may find since you’ll need to look creditworthy to banks or money lenders. Credit rating is also part of your credit report, so before you apply for a loan you should do everything you can to improve it. This parameter usually needs to be monitored for at least a few months, and even though this service isn’t free it’s certainly is worth investing $20 into before you apply for a loan.

As already said in the beginning, there comes a time when any of us needs a loan, although you may not be planning to make a major purchase at this time it doesn’t mean you shouldn’t check. Don’t be lazy, it’s free.

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