On Government Credit Reports
According to the Federal Credit Reporting Act, the 3 US credit report bureaus Equifax, TransUnion and Experian are entitled to collect all types of consumer credit related information of the US. Any US consumer can ask for a free credit report once in a year from any of these 3 credit report agencies. However, these US credit bureaus charge a certain amount on further requests for credit reports. Consumers can make requests for free government credit reports on telephone. They can also ask for the government credit reports through mail. The applicant receives the credit report within 15 days after the request is made. The US government authority, which is in charge of providing the free government credit report is placed in Atlanta. Consumers can reach the agency through phone or email.
Advantages of Government Credit Reports
One of the major advantages of the government credit reports is that they enable an individual to be updated about his financial condition. Thus the individuals can get an idea of the various financial areas that need to be addressed. With the help of the government credit reports the individuals can ascertain if they are being correct with their financial measures. A very basic advantage of the government credit reports is that they are provided for free, which makes them economically viable.
The government credit reports are provided to the individuals at a regular basis. This means that they are constantly updated about the state of their finance. This also enables them to have a clear idea of their chances of getting loans and other finance options.
Essentials for Free Government Credit Report
For obtaining a free government credit report, the consumers need to provide the credit reporting agencies with some necessary information like name, date of birth, social security number and address. The federal law permits an individual to make request for a free credit report under certain circumstances like rejection of credit application by a loan provider, rejection by an employer on the ground of bad credit history and/or difficulty in having proper insurance coverage.
Impact of Government Credit Report
The government credit reports are extremely crucial as far as individual debtors are concerned. This is because the creditworthiness of a debtor is judged by the credit information that is provided in the government credit reports. It has been seen that if there is a negative remark in the government credit report, then it would severely affect the chances of a person getting a loan. As per rules, if there is a negative remark, it remains in the credit report for at least ten years. This means that within this period there are chances that the debtor might be refused financing options as a result of the negative remarks in the government credit reports.