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Free Credit Report – Watch Out for Scams
Many people may still not be aware of an amendment to the Fair Credit Reporting Act (FCRA) that Congress passed last year. This amendment allows U.S. citizens to receive a copy of their credit report, for free, once per year. The plan is being...
Hawala, or The Bank That Never Was
I. OVERVIEW
In the wake of the September 11 terrorist attacks on the USA, attention was drawn to the age-old, secretive, and globe-spanning banking system developed in Asia and known as "Hawala" (to change, in Arabic). It is based on a...
Measure It First, Then You Can Manage It
If you can’t measure it, you can’t manage it. Companies may be able to survive for a while if managers aren’t using data to make decisions, but they will eventually see their demise; likely sooner than later. Those companies to benchmark off are the...
Take A Structured Settlement Or One-Time Lump Sum Payment?
If you are involved with a legal decision, financial claim or insurance arrangement, the financing process to settle and resolve the claim can often take two forms. Either a one-time lump sum payment, or a long-term periodic series of deferred...
The Time Value of Money
Life is about decisions, whether they relate to your work,
business or personal life. Often ignored is the interplay
between all these areas, and the fact that a little
interdisciplinary thinking can go a long way. This might sound
obtuse, but...
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Credit Report – Check Yours Regularly… And For Free
In the twenty-first century, there are few documents that have a greater impact on the lives of Americans then their credit report. Credit rating determines one’s ability to buy a home, a car, or to obtain a credit card or a job. Since these things are important, it is equally important that the information be accurate. The only way to be sure of that is to check the report regularly. Prior to last fall, there were two ways to obtain a copy of your credit report: to pay for one, or to obtain one for free after being denied credit. Thanks to the Fair Credit Reporting Act passed last year, Americans can now obtain a free copy of their credit report from each of the three credit reporting agencies once a year.
Due to anticipated heavy response to the offer of free credit reports, the program has been rolled out in stages. People living in the West and Midwest are already eligible to apply for a copy of their report at www.annualcreditreport.com. As of June 1, 2005, those living in the Southeast are now eligible, and on September 1, 2005, those living in the Northeast will be eligible. All that is required to receive a copy of your credit report is to answer a few simple questions. Since it only takes a few minutes to do, there is really no reason to put off checking your credit report, and you may benefit tremendously by doing so.
The credit score is a single, three digit number that represents an individual’s credit worthiness, and that score is obtained through a complex formula that takes into consideration a person’s borrowing and spending habits and payment history. A high score makes someone more eligible for loans and credit, while a lower score may indicate that a person is a risk to repay. While the information contained on a credit report is generally
Associated Websites
accurate, incorrect information sometimes shows up on credit reports, and incorrect information could result in someone who being denied a loan for which they might otherwise be qualified. Furthermore, a credit report check is the best way to determine if you have been the victim of identity theft, an increasingly popular crime that often goes unnoticed for a year or more. If your identity is stolen, your credit rating can be ruined and you can be burdened with thousands of dollars in debt. The new bankruptcy law, which goes into effect in October 2005, draws no distinctions between debt incurred by an individual and debt incurred through identity theft. This alone should be reason enough to check your credit report regularly.
Since the law now allows individuals to obtain one free report per agency per year, anyone who wants to keep a close eye on their credit report can obtain a free report as often as every four months. Since the credit report affects your life in so many important ways, checking it regularly should become a habit.
About the Author: ©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including http://www.End-Your-Debt.com, a site devoted to debt consolidation and credit counseling, and http://www.StructuredSettlementHelp.com, a site devoted to information regarding structured settlements.
Source: www.isnare.com
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