One of the most important things you can do when it comes to credit, finances, really life in general is to know your rights. The Fair Credit Reporting Act (FCRA) is there to protect you as the consumer. Over the next few weeks we’ll go over the major points that are covered under the FCRA that you can use to make sure you get all the facts and knowledge to protect yourself.
First of all… You have the right to receive a copy of your credit report. The copy of your report must contain all of the information in your file at the time of your request.
*If you’re worried that pulling your credit will hurt your scores, remember that a “soft inquiry”, (or an inquiry that is not done in order for you to open a new line of credit,) will not hurt you. Applying for new lines of credit usually requires a “hard inquiry” will drop your score for a little bit. How much and how long depends on the type of credit. i.e.- Credit card inquiries will be less harmful than that of a mortgage.*
The reasons for this are to a) make sure you are aware of all items and information on your credit report to ensure that everything is accurate, complete, and verifiable. And b) to know what creditors and lenders see when they pull your credit report. Surprises have no place on credit reports.
To obtain a current and free copy of your credit report without hurting your score click here!
Use this weekend to do some good for yourself!