One of the most important aspects of financial discipline is to understand your credit history. If you understand what’s on your credit report, you can see what information lenders are using to determine whether or not you qualify for loans. You can also see what they’re using to determine your credit score. Keep reading this blog on how to get your annual credit report for 2020 in free.
Certain items on your credit report may be hurting your credit score. However, it’s possible that those items aren’t supposed to be there. There are laws surrounding what credit bureaus can legally keep on your credit scores. Despite this, mistakes do get made sometimes.
You also may be a victim of fraud, but you might not know it. Some fraudulent items can exist on your credit report and hurt your credit score, even if they’re clearly evidence of identity theft or some other crime.
The good news is, you don’t have to be left in the dark about your credit. The US government guarantees every US citizen the right to a copy of their credit report once every year. Best of all, the US government mandates that the credit bureaus provide this report for free.
So how do you get your free annual credit report for 2020? Let’s discuss.
What Is A Credit Report?
Your credit report is an annotated history of your debts. It’s used by lenders to see your overall credit history.
What Information Does A Credit Report Contain?
Your credit report contains information going back up to 7 years for most things, 10 years for other things, and past that for a select few items like tax liens.
It contains a history of payments made on your debts, including but not limited to: credit cards, car loans, mortgage, student loans, and lines of credit. It also contains a history of balances held on those items.
Your credit report also contains information about past due payments, items in default, items in collections, and bankruptcies. This information is highly useful for lenders and employers who don’t wish to rely on just a credit score.
What Is Your Credit Report Used For?
Items on your credit report are used to calculate your credit score. Your credit score is a three digit number between 300 and 850 that gives lenders a general idea of how creditworthy you are.
However, lenders don’t just want to see your credit score. They also want other info, such as your income, your total debt balances, and your debt payment obligations. Although your income isn’t included in your credit report, the other items are. For this reason, lenders don’t just want to look at the credit score: they want to see the whole picture.
To learn more about your credit score, read our article on the quick & dirty guide to your credit score!
How Do You Get A Free Annual Credit Report for 2020?
It’s very easy to get your free annual credit report for 2020. All you have to do is go to the Free Annual Credit Report website, located at https://annualcreditreport.com. This domain is owned by the US Government, and is the only place that you should go in order to get your free credit report.
To get your free credit report, go to that website and follow the instructions. You can get a credit report from each of the three bureaus, for a total of three credit reports per year.
IMPORTANT NOTE: You can get free weekly credit reports from each of the three credit bureaus until April 2021, for COVID-19 assistance. This way, you can get more than three credit reports this year for free.