We see reminders nearly every day, in the form of television and internet ads, to check our credit reports, but it is estimated that only about 25 percent of Americans do so each year. Most don’t find out about errors or inaccuracies on their credit report until after they have been denied a loan, but by then it is too late. Minnesota residents need to understand their credit reports and check them reguarly.
How to Get a Credit Report
Getting a copy of your credit report is not difficult. Minnesota residents can get a free copy from each of the three major credit bureaus – Experian, Equifax and TransUnion – every year by going to www.annualcreditreport.com. You can visit each bureau’s website, where you can get both a credit report and score, but you will pay a fee. Usa Credit Report offers a better alternative, giving you all three reports , as well as your Equifax credit score, all for free.
What is a Credit Report?
A credit report is really just a listing of the loan and credit card accounts a Minnesota resident has used during the past seven years. It shows how long the accounts have been open, a payment history on those accounts and whether or not payments are current. If you have had problems with your accounts, such as late payments or collections, that will be shown as well. Minnesotans should check this carefully to be sure that all the accounts listed are really theirs.
Companies Checking Credit Reports
A number of companies are allowed to check your credit report, including lenders, insurance companies and potential employers. Minnesota law allows residents who have been identity theft victims to place a fraud alert in their credit file, so that companies who check their credit report will know that there may be fraudulent activity listed. Usa Credit Report can also help prevent identity theft, by monitoring your credit file and alerting you when changes are posted. This will give you the chance to address errors quickly and prevent problems when you need to apply for credit.