In the financial market, your credit and credibility go side by side. It is important for the financial institutions to know your financial transactions and your financial liabilities. Therefore, financial institutions require credit report before taking any decision on credit.
You can also ask for the credit report from any credit reporting agencies to know your credibility in the credit market. There are many credit reporting agencies working in the market. In America, Equifax, Trans Union and Experian are important credit agencies. You might know that the credit reporting agencies do not share information. one probable reason could be that clients are different. All credit agencies are not covering all clients in the credit market. Even if all the agencies cover your profile, do not expect that the report will be the same. Different reports have different elements and aspects highlighted. However, the practice is not to share information among them. That was why the reports look different. The credit reports differ a lot since the access to information of different agencies is different. You might find that one credit bureau has considerable information about you, while another has very little information about you. To be on the safe side, it is better to ask for different credit reports from different agencies to get the overall view of the person. If you get all the reports, you can come to know what information each one has on you.
The next question to start with is your being entitled to ask for a credit report. Are you entitled to ask for a credit report? The American law making body Congress like Indian Parliament has passed a law in 2003 directing all the three credit bureaus Equifax, Trans Union and Experian to give all citizens of whom they have profiles one free copy of their credit reports each year.
The law has detailed description of how you can order your free credit report. Different countries have different laws relating to the credit report and its availability. If you are in need of two free credit reports, laws have different provisions for that. In America, the following guide lines have been made available to help you get any number of credit reports as and when you require.
If you are unemployed and intend to apply for employment within 60 days; if you are living on public welfare assistance;
If you believe your credit report contains inaccurate information due to fraud or identity theft; or if you have been the subject of adverse action, such as denial of credit, housing or insurance, within the past 60 days.
It has also been made clear that the credit agencies will provide you a free copy of their report if it contains negative markings or information, and for which you have been denied of credit, housing, insurance, or employment etc.
The steps related to get the credit report is very simple. Simply send a simple letter seeking for a free credit report. Please do not forget to enumerate the reasons in your application. The reasons have already been mentioned. As the processes continue, you may be asked to provide proofs supporting your demands for one more free copy. Such copies of proofs may include documentation showing your unemployment status, your recent denial of credit, or that you are receiving public assistance. If you have such proofs, then go ahead and attach a copy of it with your request.
The most important part of the business is to know what to do when you are not provided with a free copy of the credit report.
It may happen when the law concerned does not apply to providing free credit reports. There are certain exceptions made under laws on ground of which the person is denied of a free credit report. Grounds are different since laws are different in different countries. In that case, you have to pay for the credit report. You have to pay$3.00 if you live in Maine or Minnesota. You have to pay$5.00 if you live in Connecticut. You have to pay $8.00 if you live in California. If you live in any other state not mentioned above, the cost could be $8.00 or higher. Payments are different because of the presence of state laws in addition to the federal one. If you want to save time and energy, better ask the credit bureau and ask what the exact fee will be before requesting your credit report by mail.