Planning Briefs

Want To Get A Copy Of Your Credit Report? It's Free!

Published Monday, July 14, 2014 at: 7:00 AM EDT

Are you inundated with telephone calls, online offers, and other come-ons offering you a report on your credit rating? Don't pay anything for this service because you're legally entitled to some freebies.

For starters, there are three major credit bureaus operating in the U.S.: Experian, Equifax, and TransUnion. Each one compiles your credit history and summarizes the findings into a report. Under the Fair Credit Reporting Act (FCRA), you can obtain a free copy from each credit bureau once a year.

The credit report will include information on where you live, how you pay your bills, and whether you have been sued or ever have filed for bankruptcy. This data is available at a price to others—insurance companies, landlords, employers, and the like—to help them evaluate your creditworthiness.

How do you request a free copy? It's easy. The three bureaus have centralized their operations. Simply log on to www.annualcreditreport.com, call1-877-322-8228, or complete the Annual Credit Report Request Form and mail it to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

Be aware of imposters. Don't use any other service and don't even try to contact an individual bureau. And, most importantly, don't provide any personal information that someone could use to scam you.

This article was written by a professional financial journalist for Preferred NY Financial Group,LLC and is not intended as legal or investment advice.

An individual retirement account (IRA) allows individuals to direct pretax incom, up to specific annual limits, toward retirements that can grow tax-deferred (no capital gains or dividend income is taxed). Individual taxpayers are allowed to contribute 100% of compensation up to a specified maximum dollar amount to their Tranditional IRA. Contributions to the Tranditional IRA may be tax-deductible depending on the taxpayer's income, tax-filling status and other factors. Taxed must be paid upon withdrawal of any deducted contributions plus earnings and on the earnings from your non-deducted contributions. Prior to age 59%, distributions may be taken for certain reasons without incurring a 10 percent penalty on earnings. None of the information in this document should be considered tax or legal advice. Please consult with your legal or tax advisor for more information concerning your individual situation.

Contributions to a Roth IRA are not tax deductible and these is no mandatory distribution age. All earnings and principal are tax free if rules and regulations are followed. Eligibility for a Roth account depends on income. Principal contributions can be withdrawn any time without penalty (subject to some minimal conditions).