Without sound to clich√©, the answer is simple. You need your credit report annually because you have a right to know the information that is in your credit report! Your credit report and the data that is contained within is the cornerstone that enables you to secure loans and credit cards. If you’ve been turned down for credit, you need to know why right? And one of the ways to prevent being rejected, besides paying your bills on time, is to be positive that all the information in your credit report is accurate.

When you look at your credit report annually, you can see if your creditors are reporting things in a factual manner. After all, we humans make mistakes and don’t think for a minute that a mistake can’t end up in your credit file. According to recent statistics, over 20 percent of the errors that are investigated by the three major credit reporting companies, Experian, Equifax and TransUnion, are clerical errors. In other words, made by us humans! And without looking at your credit report annually, you have no way of knowing.

Now let’s take a look at this from another angle. As mentioned above, there are three credit reporting companies. And by law, you are entitled to a credit report annually from each of them. So let’s suppose you embark on a campaign to rebuild your credit and you need to monitor the results. The easiest way to do this is to set yourself up on a cycle of getting one credit report every 4 months and keep with that rotation. Now granted, each report is going to be slightly different but it’s really nothing major.

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This type of cycle can be especially helpful if you find information in your credit report that need needs to be disputed. Since a credit dispute can take up to 30 days to become resolved in most instances, you can check this on the next credit report that you order.

Another advantage to getting a credit report annually in this way is to monitor any negative information that might be due to come off your credit history.

You did know that certain information does get deleted after so many years right? No? OK, then lets take a brief look at that shall we?

For the most part, negative credit information remains on your credit report for a period of 7 years and in some instances up to 10 years. The 7 year period goes for any type or credit account or an account that went into collections. Bankruptcies on the other hand will remain on your credit report for a period up to 10 years from the date of filing. And unpaid tax liens will remain on your credit report indefinitely.

This is just another reason why you need to be getting your credit report annually. You need to be monitoring not only the positive information in regard to your credit but the negative information as well. Get in the habit of doing this. It’s not hard and it can be well worth the time you spend to accomplish it.

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