Protect Against Identity
Theft With Free Credit Reports

Yearly Credit Reports

Guess what? You have free credit reports waiting for you! Are you aware that you're entitled to three free reports every twelve months. These reports are very useful and it is one of our money management tips to get them from the credit bureaus and review them closely each year.

People used to pay for credit reports in the past. Some credit card companies used to "throw it in" if you signed up for their credit protection program.

But, that is not the case anymore. The federal government has enacted a law that requires the three main credit bureaus provide credit reports to all citizens once a year.

It is a valuable tool and that is why the government wanted citizens to have them. According to the government amendment, you can go to www.annualcreditreport.com and get your free credit reports.

The Major Bureaus

Although there are many credit agencies, the ones that are reported to the most are: Equifax, Experian and TransUnion.These are the ones that provide free credit reports.

Some credit agencies report to all three of them and some report to just one. Check out www.annualcreditreport.com and your will see that it is easy to get your free credit reports.

Credit bureaus keep track of your credit history in it entirety, all the way back to your first credit card or loan.

You will see that they have month-to-month payment history and a conclusion drawn clearly for anyone that is reviewing your credit report.

Potential creditors look at these credit reports to evaluate you as a borrower. That is why it is important to keep them clean if you have an interest in borrowing.

Credit Reports Contain

• A consolidation of debt that you have

• List of creditors with addresses and/or phone numbers

• Recent inquiries and who made the inquiry

• Monthly payment history

• Liens, foreclosures, bankruptcies

• Date accounts were opened

Check your personal information first to see that it is correct. Sometimes there is a mix up and another persons credit baggage is on your report. If there is anything wrong, you need to contact the agency to dispute it and get them to change it.

If there are any discrepancies, contact the agency right away and have it cleared up. It could have been due to an incorrectly recorded social security number or a problem with a name.

Make sure that the credit bureau knows your correct name and spelling along with social security number, telephone number, address, birth date and employer information.

This does take awhile but it is well worth getting it correct. These defects in the information may be keeping you from getting larger ticket items like a car or home.

Identity Theft

You need to use your credit report as your first line of defense against identity theft. Dispute any problems you have with identity theft. Many times people don't even know that they are victims of identity theft until their credit card company contacts them.

Every year you can request your free credit reports and see if there is any problems that you need to take care of. We recommend that you spread free reports out over the year so you get more coverage.

In other words, you could get one in January, one in May, and one in September. That is better than getting all three credit reports at once. You will have knowledge throughout the year which empowers you to take action. And keep in mind that it's not necessary to get them in a calendar year.

Arm yourself with these tools yearly to keep a close watch on the activity on your credit report so that you know if you need to take any action to make corrections and guard yourself against identity theft.



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