Each time a consumer in Tennessee takes out a loan or opens a credit card, makes payments or pays off a balance, it gets compiled on his or her credit report. Negative actions, such as being sued, declaring bankruptcy, defaulting on a loan or failing to make regular payments also get reported. Since lenders use the information contained in your credit report to determine whether or not to extend credit, we at Rothschild & Ausbrooks, PLLC, believe it is very important that you remain aware of the information that your credit report contains.
TransUnion, Equifax and Experian are the three major credit reporting companies that maintain the records regarding your financial activities. According to the Federal Trade Commission, you are able to obtain a copy of your credit report from each company once a year at no charge. Since the sources of information used by each company vary, it may be a good idea to request all three rather than relying on just one.
Some basic personal information will be required in order to obtain a copy of the report. Since there are numerous scams out there that seek to take advantage of people, you should make sure that you are requesting your credit report from the proper source.
It is also important to note that you may be able to obtain a copy of your credit report for free outside of the once a year time period. In the event that you are denied a job, a loan or an application for insurance because of your credit report, you have the right to request a copy for free in some circumstances. For more information on learning about your credit score, please visit our web page.