Under the Fair Credit Reporting Act, you are entitled to ask for, and receive, a free copy of your government credit report once a year. The FCRA serves to promote accurate information, held in privacy, by consumer reporting companies
Your credit report contains personal information like your address, your bill-paying habits, and your status as far as bankruptcy, arrest or any legal action against you. This information is of interest to companies who may be creditors, employers, insurers, lending institutions and landlords, and the consumer reporting companies sell the reports to them.
There are several reasons why you might need your credit report. If you are going to apply for a loan, get insurance or go for a job, you might want to ensure that the information contained in your credit report is accurate and correct. Your report contains some information that can affect your ability to be approved for a loan and the cost of that loan to you.
Checking your credit report annually is also a precaution against identity theft. Also, if you have had credit declined, your credit report could contain information that will tell you the reason this happened.
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