Even if your credit is less than perfect, do not assume that the reason you were turned down was because of prior problems. There may be errors on your credit report. By getting an Equifax free credit report, you can discover errors and dispute them with Equifax. This tosses the burden of proof onto the credit bureau who will then contact the creditor for proof that the information that they gave them is accurate. The burden of proof is then placed on the creditor who supplied the information. In the meantime, Equifax has to remove the disputed claim from your credit report until they receive proof.
If the creditor does not provide proof to the credit reporting agency, they have to remove it from your credit report. This is why it is so important to get an Equifax free credit report each an every year or if you are turned down for credit. It costs you nothing but can save you a lot of time and hassle if there are erroneous reports on your credit history.
Remember that your credit history is not only looked at by lenders and banks, but also by potential employers. Many employers are now requiring a credit history prior to hiring an employee. This is to ascertain the character of the employee. A bank, for example, will want a credit history to make sure that the employee is not in dire straits and will not embezzle. Because embezzlement and theft is so common in the workplace, employers are using agencies such as CIC to give background checks, including credit history, on all potential employees.
It behooves you to get an Equifax free credit report each year. You are entitled to get a free credit report every 12 months from each of the reporting agencies and you should do so. Most people either do not know that they have this right or do not exercise the right thinking that they do not need to do so.
By getting an Equifax free credit report every 12 months, you can spot any trouble before it gets out of hand. Identity theft is a growing concern. An identity thief will use your credit history to get a loan or credit in your name. All bills and phone calls will be routed to another number or address. You will not even know this is going on until you get denied credit.
Take advantage of the Fair Credit Reporting Act and get an Equifax free credit report each year and if you are ever turned down for a loan. You can simply call them up or write to them and request a report. There are also countless websites that can help you obtain free credit reports from not only Equifax, but all three of the credit reporting agencies.
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