Credit Reporting Agencies

Credit reporting agencies maintain electronic records of your credit activities. Today, there are three major national credit bureaus: Equifax, Experian and Trans Union. If you are planning on applying for a loan or credit anytime in the near future, it's a good idea to obtain a copy of your credit report.

There are three nationwide consumer reporting agencies, which compile the credit reports. These can also be purchased form any of these three agencies, or any other company, that offers the credit reports as part of a larger package. The total cost is not high and, those that wish to verify their credit score, are free to do so, thanks to the law, but only once every 12 months are you legally entitled to receive a copy. The initial copy is free of charge, and once you have the report, you can be your own judge, and see whether or not you have a good or bad rating. Any verification for errors of your report is also free of charge, and any discrepancies in your credit can be repaired.

The Fair Credit Reporting Act was amended a few years ago to beef up consumer privacy. Under its rules, you are legally entitled to obtain your credit report from a credit reporting agency. This includes receiving a list of everyone that has requested your report.

If you have been denied credit based on information in your credit report (the creditor must provide a reason for denial), you have 60 days from the day you receive a denial notice to receive a free copy of the credit report. Additionally, the law also entitles you to receive a free credit report every 12 months if you are unemployed and seeking work within the next 60 days, are on welfare or if your report is inaccurate as a result of credit fraud.

It is advisable to get a copy of your credit report regularly you can keep track of any changes in your credit score. If you see that your score is getting worse, then you can compensate by ensuring full and timely bill payments in the future. Then you can expect your credit score to gradually improve. Using credit agencies can provide you the information you need to be aware of any potential problems with your credit standing.

Article Source: ArticlesMaker.com

About the Author: Learn more about 3 credit reporting by obtaining a free copy of your credit report from http://www.credit-free-report-online.info - a popular website that provides free advice on credit repair 

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