Free Credit Report For Military
A free credit report for military personnel has become an a very influential document in the modern economy and it is important that you check it at least once a year. The reason why you should check your report is simple.
Whether you are a civilian or you are a member of the military family you will more than likely need some form of credit in your life. When you make an application for a military loan the lender will need to check your ability and potential to pay back the money you wish to borrow. One way they can check this is by checking your credit report.
How To Get A Free Credit Report For Military Personnel
Under the Fair Credit Reporting Act the Government made it a right for all members of the services community and civilians to receive a free copy of their credit report each year if they have been denied credit within 60 days. Following the passing of the Act the Federal Trade Commission set up a dedicated online website to enable civilians and military personnel to conveniently download a copy of each report from the 3 leading credit collection bureaus. You can visit the website at www.annualcreditreport.com.
Alternatively, you can make annual credit report request using the toll free number: 1-877-322-8228.
Why Checking You Credit Report Is So Important
Your credit report is compiled by the 3 major credit reporting agencies who are Equifax, TransUnion and Experian. Each of these agencies collect and compile financial data obtained from your creditors including credit card issuers, banks or financial organizations who provide military personal loans.
Your credit report contains important information about your personal and financial details. These can consist of your credit history, the amount and types of consumer debts you owe, bankruptcies, delinquent accounts. This and other financial data is used to calculate a credit score and it is this score that determines your credit risk in relation to borrowing money. What this basically means is how reliable you are when it comes to managing your money.
Banks are not the only ones who will be interested in your credit score as it can be checked by insurance companies, credit card providers and if you decide to leave military life landlords and potential employers can also check it to determine how you manage your personal finances. It is for this reason that you should ensure your report is in good shape.
It is important to point out that unlike your free military credit report the credit score is not free of charge.
Why Checking Your Credit Report Could Save You A Fortune
A free credit report for military personnel should be checked at least twice a year but preferably every quarter. This is because any errors or out of date entries in the report can cost you a lot of money. Negative details that have not being corrected or updated can lower your credit score. As pointed out earlier your score is a measurement of your credit worthiness. The lower your score is the more risk you will be in the eyes of the banks and financial lenders.
If you are a high credit risk the you are far more likely to be charged higher interest rates and be imposed with greater lending restrictions that can include higher down payments. If your score is really poor then you can expect to have many military loan applications rejected.
Checking on a regular basis can also help you to determine if there has been any suspicious transactions or fraud which could be the cause of identity theft. This is a particular risk with military personnel based overseas. Under the FACT law you have the right to dispute any thing in your report that you believe to be wrong. As you can see credit reporting for military personnel has been easier than ever, so why not take advantage of it.
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