So, You Get A Free Credit Report

Don' t get dejected when you find a rejection letter in your mailbox.

It is a real opportunity, waiting to be exploited, provided we look towards it with the right attitude. Strange it might sound but the rejection letter brings two major advantages with it. Now, you must be wondering that what two big advantages does a rejection letter brings? The first advantage that comes with a rejection letter gets its validity from a statute in the Fair Credit Reporting Act. Read on and enlighten yourself. This Act offers some good protection to credit card owners. So, if you are rejected because a particular credit rating agency has made adverse credit remarks in your credit report, the credit card company that has rejected you must state the name of related credit rating agency and their remarks to you.

According to this act whenever you are denied a credit for some reason, you have the right to know what circumstances or facts led to that rejection. Further, the Fair Credit Reporting Act states that every rejected person is entitled to request a free credit report from the credit rating agency listed in your rejection letter or denial report. The second big benefit that a rejection letter or denial report brings to you is the exact reason, which led to the unfortunate decision. So, you get a free credit report. The importance of this information can' t be understated, and it can be successfully used to rebuild your credit history. Why wait for a rejection letter to get a free credit report?

Attitude matters here, though the rejection letter or denial report gives you certain things that can become tools for your credit repair, but it all depends how well you use them. Every credit rating agency is legally bound to supply you a free credit report annually. Checking out the exact option that led to your disqualification or rejection might lead to certain discrepancies at the end of that particular lender, which might be corrected by providing the right information. Get it, check the discrepancies if any and use it to improve your credit rating. This might change how you look at your next rejection letter( if you get it) .