You are entitled to a free personal credit report from each of the three major credit reporting agencies if you have been recently turned down for credit. Checking your credit history ensures the information is accurate. Your credit affects your interest rates, insurance premiums, and even employment chances. Taking a few minutes to check your records protects you from paying for your creditors’ mistakes.

Why Check Your Credit Report

Your credit report is used by a number of companies to make decisions about you. Financial lenders categorize your loan application based on your payment history. Life and car insurance rates are also based on your risk level based on your credit and life choices. Potential employers can also evaluate your application based on your credit report.

Besides payment history, your report also includes records of being arrested, sued, taking out insurance policies over $150,000, and where you live. These items stay on your report permanently, unlike payment history that drops off after seven years.

Where To Get Your Report

You have a number of options for getting your report. By applying online, you can get your free report instantly. You can also call or write for a copy of your credit history, but you will have to wait 15 or more days to receive it.

To get your credit report online, you can go directly to the sites of Equifax, Experian, and TransUnion. You can also request your copy through a third party site. These sites also offer additional services, like providing you with your FICO score. You won’t get that for free from the credit reporting agencies.

What To Do With The Information

Once you have received your credit report, look over it for any errors. Both the credit reporting agency and the information provider (bank, government agency, creditor, etc.) are responsible for fixing errors.

Write to both parties explaining the error. The reporting agency will investigate your claim in usually less than 30 days. If an error is found, the information provider is responsible for notifying all three agencies of the mistake. However, it is also a good idea to check your records again.

Be sure to keep copies of your letters until the matter is resolved on your report. And remember that every 12 months you can get a free copy of your credit report.

To see our recommendations of where to get a copy of your credit report for free, visit this page: Recommended Sources for a Free Credit Report.

Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.

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