Answer :
Answer:
The Fair Credit Reporting Act allows you to get a free credit report under certain circumstances:
- If you were denied a loan, insurance or job application based on low credit score you have 60 days to request a free copy of your credit report.
- If your are currently without a job but you plan to look for one within 60 days.
- It your are currently on welfare.
- If you suspect you are victim of identity theft.
The correct conditions in which the credit rating agencies will provide free reports are in case of loan application, job application, court's or police authority's order.
A free credit report refers to as the credit score and evaluation of a person which is being disclosed to such person without taking any charges for such report.
- A credit report is a data showing the credibility of such person in the market for applying for a loan or credit facilities or advances from banks or financial institutions.
- As per the Fair Credit Reporting Act, the credit rating agencies duly registered with the central bank are under obligation to give at least three credit reports to such person for free.
- However, when a person applies for a loan and gets rejected, the person is eligible to receive such credit reports as to determine on what grounds the loan was rejected.
Hence, the correct conditions in which the credit rating agencies are under obligation to give free credit reports over and above the prescribed limit are as mentioned above.
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