| By :
Wendy Moyer
Are you are concerned about identity theft? Are you in the position of being able to make a major investment? Are you looking for a job, or do you want to rent a home? If your answer is "yes" to any of these questions then you should know what your credit score is and make sure that all the information in it is accurate. In order to do that you can get free credit reports online. The Fair Credit Reporting Act guarantees that you can get a credit report for free once per year. Your credit report, otherwise known as your credit file disclosure, is available for free once every twelve months from each of the major consumer credit reporting companies - Experian, TransUnion, and Equifax. The reason most people check their credit rating is because that information is used to evaluate applications for credit, renting a home, insurance, and employment. And sometimes the credit reporting agencies make mistakes. If they do it is up to you to make sure that all the information in your report is both accurate and up to date. Your credit report has information about how you pay your bills, whether you have filed for bankruptcy, where you live, if you've been arrested, or if you have been sued. The credit reporting companies sell all of this information to companies that then use it to evaluate any application you have submitted to them. If, for example, there is erroneous information in your credit report and you are applying for a loan, even if you are accepted you may have to pay a higher interest rate than you should. And, if you check your credit report regularly you will more easily be able to identify any irregular or unauthorized activity that could have been a result of identity theft. When someone's identity is stolen the thief uses that person's credit cards and/or Social Security number to commit fraud. They may even use the information to open up new credit cards in the victim's name. And then, when the thief doesn't pay the bills, the account will be reported as being delinquent and the victim's credit will be adversely affected. Therefore, when reading your credit report you should look for any accounts that you do not recognize. If you do find any information that is not accurate then you should get in touch with both the reporting agency as well as the information provider. If you think that you are a victim of identity theft then you may have to put a fraud alert on your credit report. You should also close any accounts that have been compromised and either file a police report or file a complaint with the FTC. You can file your complaint with the FTC online if you wish. Although some companies charge for credit reports, you can get them free online.
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