Free yearly credit report: A great way to keep of record of your financial standing

Free yearly credit report: A great way to keep of record of your financial standing

Many a times, it might come across you, as to why keep a record of your financial transactions. But, if you really do not know its importance, then you are really missing vital information. It is usually your credit standing that lets you avail certain benefits and financial assistance in the form of loans, when you need it the most. This is why, it even matters the most and this is why, it is really important to have knowledge about where your credit score stands. This is where, you can avail the services of free annual credit report.

The main task of your yearly credit report is to provide detailed information related to your various financial transactions in a fiscal year and where you stand financially. Your credit worthiness is quite important for financial well being and this in turn enables you source external financial assistance. Although, a few years back, you were required to pay a certain amount to get your credit report. As of now, due to a law passed by the government, which is known as the "Fair Credit Reporting Act", you are entitled to view your credit profile for free. In fact, there are three credit rating agencies, which are responsible to provide the credit report. They are as follows:-

Equifax

Experian

Transunion

In a time span of 12 months, you can request to ask for your annual credit report from each of these credit rating agencies.

The yearly credit report enables you to view and compare the ratings provided by these agencies. The report usually contains details pertaining to your credit history, financial transactions carried out in a year, mode of payment, credit details along with full personal information. By comparing these details, you can check out the errors and take proper steps to correct the same. However to get the annual credit report without any hassles, it would be appropriate to make use of the online mode.

So, with free yearly credit report, you are in a position to know about your financial standing.

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