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Thanks to the Fair and Accurate Credit Transactions Act (FACT Act) of 2003 everyone has free access to credit reports! The FACT Act is a new law created to allow consumers to better monitor their own credit reports. Credit reports are used by banks and merchants to determine credit risk. Credit risk is based on the amount of debt you have and whether or not you pay our bills on time. Your credit risk score or FICO score is the tool creditors use to determine your interest rate as well as whether or not to extend credit to you.

In addition to allowing consumers to monitor the accuracy of their own credit reports, the FACT Act also allows consumers to spot identity theft. Because of the increasing concerns about identity theft, it is a good idea to check your credit report every year even if you not are concerned with applying for new credit. With annual review of your own credit, you will be able to spot errors yourself and promptly get them corrected.

The three credit bureaus (Equifax, Experian and TransUnion) have started a new, collaborative program to deliver the reports, and you can do it online! To request your report:

Notice: You will be asked for personal information when you request your credit reports. Be prepared to provide your name, date of birth, Social Security number, current address and previous address. The internet site is private and secure. When you use the online system, your report will pop up on your computer screen. Be sure to print your report right away, so that you will have a hard copy of it to keep and study.

One more tip: since you are allowed one free report per year per reporting agency, spread the requests out over time. Request one from one agency every every four months. This way you you can look for suspicious activity every four months instead of every twelve months. Checking your a credit report is the best way to spot ID theft early. Also your credit report is the place to start if you want to improve your credit or FICO scores.

What to look for on your credit report.

How to Fix Errors

While you will have access to your reports from the centralized site, you won't be able to use the centralized site to fix errors. Your must directly go to the site of whichever credit agency created the report and deal directly with that agency. Their sites are at www.equifax.com, www.experian.com and www.transunion.com. You may also have to correspond in writing with the financial institution or retailer that reported a problem to the credit agency. Remember to copy and file of all your letters and recheck your report to assure the error is corrected.

Credit Resources to Help You

A credit card application gets processed in time if you have a previous clean credit report, However mortgages and consolidation loans are words that investing bodies don’t really appreciate. If you have a refinance mortgage in there, better forget about the application.

Debt Consolidation - Do you have any debt related problem? You need not to be worried about it. Just visit this site and you will get all the necessary information. If you want to know about debt solution, you can visit our site also.

Financing, Refinancing, and Credit Reports from Harbor Credit -- We're a company founded by consumers, for consumers and our mission is to empower you, the consumer.