Free credit reports and their availability
Free credit reports are not charged for and hence are provided once in 12 months by the three main credit bureaus and these include Equifax, Experian, and TransUnion. These bureaus make the reports on various factors like the payment history of debtors, their previous debts, duration of loans and various other factors which are related to finances. These reports are the rights of all citizens as per the FACT act. These scores are used to evaluate the creditworthiness of a person. The credit scores are based on the credit report information and are generated through software.
Availing free credit reports more frequently
To avail free credit reports more frequently, consumers have to pay more. But there is another alternative through which credit reports can be availed more often for free. This method is requesting different bureaus to send their credit reports at different times. Since these reports are available in 12 months, by each bureau, separating their arrival time can help to get more frequent credit reports. Through this method you can get at least on credit report, from one of the three bureaus, every 4 months. This also helps to check the regular updates provided on these credit reports.
Benefits of frequent credit reports
Through frequent credit reports consumers can keep track of their finances and their latest payment updates. This also helps the inclusion of latest payments and debt clearances in the reports. Hence if debtors want to apply for another loan or credit card then they can get the latest credit report every 4 months. With improved credit reports and credit scores there are better chances of getting low interest loans and various other financial gains.
Who is entitled to free credit reports more than once?
As per the Federal law, a yearly credit report is given to all citizens but those who are unemployed and want to look for employment within the next 60 days can get it more frequently. Those who are getting public assistance can get these reports. Those who think that there is inaccurate information on their credit reports can also avail the same. People who have been denied credit reports due to their credit scores can get their free credit reports from credit bureaus. The residents of Maryland, Massachusetts, Colorado, New Jersey, and Vermont are provided one free report annually while residents of Georgia get two free credit reports.