In the United States, every minute a consumer is getting rejected by a credit provider. It may have been a department store turning down a shopper. Or, it could be a bank rejecting a credit card application. Regardless of the decline reason, consumers still have basic credit rights. One of those legislated rights is the ability to get a free credit report. These reports, typically costing $15 or more, are available to consumers for free. Certain circumstances will trigger the free option.
The first trigger is one relating to time. Consumers have a right to obtain a free credit report from each of the major credit reporting agencies each year. The second trigger is activated when a consumer’s credit application is rejected by the credit provider. When this occurs, the affected consumer, again, has the right to obtain a free credit report. However, in this instance, a further restriction is applied. The report can only come from the credit rating agency, which was used by the company reviewing the consumer’s application.
Regardless of the situation, each free credit report will include important pieces of information. The consumer’s address, place of employment and current credit accounts will be listed. Each credit account will also show the history associated with it, including late payments and delinquencies. Data from these reports provide creditors guidance in their decisions.
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