Credit Reports – Know What You Owe

The Fair Credit Reporting Act (FCRA), 15 U.S.C. § 1681, requires each of the nationwide credit reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months. If you rotate between the three agencies this means you can get a free credit report every 4 months. These reports can help you figure out how much you owe and to whom you owe it. You can also see who has been checking your credit history or if anyone has tried to obtain credit in your name (potential identity theft).

Visit the official, government-authorized website https://www.annualcreditreport.com to get started.

For more information on credit reports, read this article from the Federal Trade Commission:
https://www.consumer.ftc.gov/articles/0155-free-credit-reports

Once you know how much you owe, you can use one of the Debt Repayment Calculators available online to help you figure out how long it will take to pay off your debt. Sometimes it can take a long time.

If your debt has grown beyond your ability to pay or if your financial situation has changed due to medical expenses or unemployment, you might want to consider hiring an attorney to help you with Debt Settlement Negotiation or even Bankruptcy.