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Free Credit Reports Available Today!
December 05 , 2004 by Kathleen GordenBe proactive with your personal credit and save yourself money in mortgage interest and increase your spending power!
As of December 1, 2004, a new federal law enables Arizona residents to request a free copy of their credit reports once every twelve months from all three credit bureaus. The law was enacted last year, and the availability begins now with 13 western states and will continue to move east throughout the country over the next ten months. Consumers can now be aware of their credit history to help catch identity theft before it gets too far out of hand.
Review your credit annually!
Identity theft:
Almost everyone knows someone that has fallen victim to some sort of identity theft. Identity theft can range from an incidental expenditure on an existing credit card or an entire line of credit in the victims name. Identity thieves use the victim’s personal information to obtain new accounts and make purchases.
Until now, many consumers were now aware of any credit malfeasance until they started receiving calls from collection agencies about unfamiliar accounts. Now consumers have a new line of defense.
Things to look for:
Review your credit report carefully for an unfamiliar accounts as well as any strange inquiries. If you live in Chandler, and a jewelry store in Cleveland has recently pulled your credit, someone may be using your information to try to open a credit account.
Another important section is the public records section, which includes information about tax liens, bankruptcies, and judgments. Check this closely for errors as well because this information can be tremendously damaging to your credit score.
Credit Scores:
Credit scores are used by lenders in determining the likelihood that a consumer will repay a debt. Credit scores have always been, and will continue to be available to consumers at a cost. You can buy your scores directly from the three reporting agencies at prices ranging from $4 to $8 each, or you can find a trimerged report from a third party giving you detail from each agency.
Reviewing your credit annually and correcting any errors will ensure you receive the best mortgage rates available to you when you are ready to buy. Whether you are looking to move up, downscale, buy a vacation home, or start buying investment properties, you will be prepared!
Important Links:
· To order your free credit report, the Federal Trade Commission has set up a central web site: www.annualcreditreport.com. If you contact the credit bureaus directly, there will be a fee.
· Learn more about disputing information in your credit reports at www.ftc.gov/credit.
· For more tips on consumer credit, www.consumersunion.org.
· For assistance with all of your real estate needs, contact The Ross Cobb and Marty Recht Real Estate Group at Long Realty, 480.777.1314.
· For assistance with all of your home financing needs, contact Debbie Fagin at Long Mortgage, 866.408.3622, www.longmortgage.com/debbief.
