Free Credit Report and Errors

A Credit Article Contributed by Girish Katyal

Free Credit Reports

Practically everyone can get a free copy of their credit report. You are entitled by the law to get your free credit report and to check it regularly. Also that you should report any mistakes and errors found in your free credit report to the bureau issuing it and get them corrected. You can approach the bureau with supporting documents and explain them the errors in your credit report and get them removed.

Free Credit Reports and Errors

So now you can get a free credit report from any of the bureaus you like. And you should check it regularly. Checking your free credit report is essential because your credit rating in the market is depended on it. And any error in your free credit report will ruin your credibility. So getting your free credit report time and again can help you to avoid undue errors and give you a chance to correct inaccuracies.

Whether you get absolutely free credit reports or pay for them, the Fair Credit Reporting Act (FCRA) facilitates that your credit report information is sustained and documented correctly. The FCRA establishes that all the credit bureaus that maintain your credit record and the people who provide the information that goes into the file are responsible for its accuracy.

If you find an error or omission in any absolutely free credit reports, you should write the credit bureau who supplied the report. Explaining them the errors or discrepancies in your credit report and also providing them any copies of documents which support your claim.

Free Credit Reports and Electronic Fund Transfer Act (Efta)

Free credit reports are looked at by your creditors when they want to decide whether to give you a credit or not. It's important to know how much credit you have but it's usually more urgent to know how much you have in your checking account. And since your bill-paying history is a significant part of your credit reports, it's nice to know that you'll have the bill-paying money when you need it. The use of ATM, check or debit cards has made electronic cash a part of everyday life.

And the Electronic Fund Transfer Act (EFTA) was designed to answer problems related to this new form of cash. You are allowed to have a receipt anytime you make an electronic deposit or withdrawal. Just like completely free credit reports summarize credit transactions, the statements from your bank must also show all electronic transfers and include who was paid and if fees were charged. If there are errors in your credit reports, you have the right to have them corrected.

And if there's an error on your receipt or bank statement, the EFTA provides rules to be followed in order to get them corrected. Write or call the financial institution within 60 days of getting the error. The institution must investigate the matter and correct it within 45 days. If the error is for an account open within the last 30 days, the investigation is allowed to take up to 90 days.