Check your credit report annually

It’s important to check your credit report at least once a year. Your creditors are not required to report your activity to the big three credit bureaus, but they can release information to one or all three.

Don’t waste time looking for a free credit report online. The truth is, federal law entitles you to a free credit report every year. “Free” credit report web sites are usually trying to sell you another financial product.
If you have been denied credit because information in your credit report, you can obtain of the credit report from that particular credit bureau. To get this report you have to contact the credit bureau directly.

Experian: 1-888-EXPERIAN www.experian.com

TransUnion: 1-800-916-8800 www.TransUnion.com

Equifax: 1-800-685-1111 www.Equifax.com

You’ll have to know what report your credit used to nix your loan application, so be sure to ask what credit bureau they used. Most lenders will send you a denial in writing within a week or 10 days. This letter will explain your rights and give you the contact information for any or all of the credit bureaus they used.

The best time to order a credit report is before you apply for any new credit. This is particularly true if you are qualifying for a mortgage or a car loan. Get your credit report a couple of months before you apply so you can repair any mistakes or clean up any problems.

If you don't qualify for a free credit report, forgo the online venders and go to the credit bureaus. They’ll only charge you $8 for a report. Most online venders are reselling reports and will charge you dearly to make the phone call or visit the web site of each of the three bureaus.