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Tips for checking your credit

November 3, 2010 - When applying for a mortgage or refinancing one, a credit check is a critical factor in the approval process.

For those thinking of buying or even renting a property, it is important for a person to be aware of his or her financial health before beginning to even think about moving. One way to do this is to receive a copy of a credit report.

According to the Federal Trade Commission (FTC), The Fair Credit Reporting Act requires the credit reporting agencies to provide consumers with a free copy of their credit report upon request once every 12 months from each of the agencies.

The information reported on a credit report includes information about a person's residence, how bills are paid, if a person has been sued or arrested and if a person has filed for bankruptcy, according to the FTC.

The three consumer credit reporting agencies, Experian, Equifax and TransUnion have a centralized website for ordering annual credit reports, www.AnnualCreditReport.com.

It is important for consumers to check their credit report for accuracy and tell the agency of any errors.

The FTC notes that negative information in a credit report can be conveyed for seven years while bankruptcy information can be reported for 10 years.

It is important to note that credit reports do not give a credit score. Credit bureaus usually charge a fee for providing a credit score.

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