Why You Need An Annual Credit Report

If you intend to hire a new worker or loan cash to someone, it might be a good idea to check that persons annual credit report. Looking at someones financial record will give you an idea if that person is trustworthy or credit worthy. This will help you decide on some issues. Get it for free on the net.

If you want to get hold of a comprehensive credit report quickly, consider getting a paid service. Private financial investigators compile data on peoples finances to give you a complete picture of someones financial standing. Company and personal inquiries can benefit from this service, especially if the report is all-inclusive.

A complete financial credit report can be beneficial for businesses that need to hire new employees. It can also give a lender a better idea if a borrower is likely to repay a loan. If your record shows that your repayment history is deficient, then it might be difficult to loan money or to buy a vehicle or home. It can even be harder to get a job or lease a house.

Having a copy of your financial record will also be beneficial to you. You will be able to analyze your record to find out if there are inaccuracies. If you find errors in your record, which 16% of people do, then you can fix the problem immediately. Not doing so can affect your chances of borrowing money in the future or getting a home to rent.

Detecting errors on your record is also a sign that you could be a victim of fraud. Being able to find out if your credit card is being used by other people will let you stop the charges right away. Sometimes identity thieves can also pretend to be you and apply for a card, use it and not pay the bills.

If you have been a victim of identity theft, it could take more than a year to find out about it. This could lead to a blemished repayment record on your part and even make you liable for all the charges made in your name. Getting a statement regularly can put a stop to this kind of illegal activity.

Try your best to get a copy of your annual credit report so you can check on your financial history. You will avoid fraudulent charges and errors on your record which will make it easier for you to apply for a loan or to rent an apartment. This way, you will know if you also need to improve your rating.

Source: http://blog-finance-bankruptcy.mysurechoice.com/2683/why-you-need-an-annual-credit-report/

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