Unless you check your credit report periodically for mistakes, you may not even realize a problem exists until you're denied a loan, turned down for a credit card or insurance, or fail to get a job due to negative information on your report. In such cases, the Fair Credit Reporting Act states that the company who turned you down must supply you with the name, address, and telephone number of the credit reporting agency involved. You're entitled to a free copy of your credit report if you contact the credit bureau no more than 60 days after the denial notice. Those who are on welfare, unemployed but plan to job hunt within 60 days, or whose report mistakes are a result of fraud and can certify this in writing are entitled to one free copy of their credit report each year. Other requests for a report may cost about $8 (eight dollars) per copy. Those getting ready to make a substantial purchase like a home or a car are advised to check their reports in advance. Having sound, accurate credit information could help the transaction go through faster.
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