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Free Credit Reports celebrate their first birthday
It was in September 2005 exactly one year ago that a law was passed compelling the three major credit bureaus Experian, TransUnion and Equifax to provide all Americans with a free copy of their credit reports.
This law though initially resisted by the credit agencies was sanctioned after avid public support and government approval. Now the three agencies are legally required to provide every American with a credit report
However there are some loopholes to the arrangement. If you require more than one copy of your credit report within a year you have to pay for the extra copy of the report.
If you applied for credit or a loan and were refused you can rightfully ask for a credit report copy for free.
Sadly when it comes to credit scores which are more important than credit reports consumers find that they still have to pay for it.
Many industries and businesses use credit scores to gauge the credit worthiness of a customer
Credit scores ultimately determine whether a borrower is eligible for credit. The lender may not even look at the credit report
However progress has certainly been made with free credit reports being easily accessible to customers something that was not possible in the past.
You can order your free report via phone, online, and through mail.
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