In 2003 a Federal law was passed that entitles you to see your own credit report. You can now get your absolutely free credit report online. There is a website where you can go to make the request. You will be asked to identify yourself and then given a copy of your credit report.
It is important to know what’s in your credit report. It determines whether or not you can get a home loan or buy a car. A good credit rating earns you lower interest on the loan. You can check yours by contacting one of the three major credit bureaus, The are Equifax, Experian and Trans Union.
It’s a good idea to learn what’s in your credit rating. If you don’t care about being eligible for a home mortgage, consider the fact that identity theft is prominent in the news. It is increasing in frequency. If you check your credit report regularly, you will know if someone is taking out loans or charge cards in your name. There are stories of credit nightmares.
One story tells of a woman who was a victim. The criminal used her name and credit information to take out a loan and buy a house. Then he sold it and took the money. The victim was left with a mortgage in her name and no house. She had other debts from the credit cards he opened in her name. She had to hire a lawyer to get her out of the financial fiasco.
One woman stole her own sister’s identity. When a policeman pulled her over for speeding, she used her sister’s identity by showing her driver’s license. The two women looked alike and were two years apart in age. The policeman didn’t question her veracity. Then the imposter never paid the speeding fine. Well the amount owed went up higher and higher.
A year later, the innocent sister was stopped for not wearing a seat belt. When the officer ran her plates, he discovered a warrant for her arrest. The innocent sister was arrested and put in jail for the night. She had to pay a lawyer to get it straightened out. She ended up paying the huge fine just to put an end to her financial disaster. Her absolutely free credit report online could have found out about the ticket and fine soon enough to avoid being arrested.
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