How to Get a Free Credit Report
A free credit report provides you with valuable knowledge that can help you improve and monitor your finances. The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies, Equifax, Experian and TransUnion, to provide you with a free credit report every 12 months. Enforced by the Federal Trade Commission, the FCRA advocates the “accuracy and privacy in the files of the nation’s consumer reporting companies”.[1] Interested in getting free copies of your credit report? Here’s how the FTC says you should go about it:
Ways to Get Your Free Credit Report
- Go to Annualcreditreport.com
- Call 1-877-322-8228
- Complete the Annual Credit Report Request Form, available at ftc.gov/credit, and mail it to:
- Annual Credit Report Request
- Service, P.O Box 105281
- Atlanta, GA 30348-5281
- DO NOT contact any of the three nationwide consumer companies individually. Only contact the Annual Credit Report Request Service.
Requesting your annual credit report online is the fastest way to access it, because it becomes available immediately. If you order your credit report by phone, your report will be processed and mailed within 15 days. If you mailed a request, your credit report will be sent to you 15 days after the credit reporting service receives your request.[1]
Information Annualcreditreport.com Will Need
- Name
- Address (you may need your previous address if you’ve moved in the past two years)
- Social Security number
- Date of birth
How Will a Free Credit Report Help Me?
Knowing your credit score is important; it affects whether you can get a loan, and how much you’ll have to pay to borrow that money. A credit report will help you verify that your credit score is accurate and complete before you apply for a loan, insurance, or a job. It can also help you guard against identity theft. The information it provides will help you tell if someone has your personal information and is using your money or ruining your credit score.[2]
There are a variety of other reasons you can request a credit report. For example, if your application for credit, insurance, or employment was denied, you have 60 days to ask for a free credit report.[2] You’re also entitled to a free report a year after you’ve been unemployed and plan to look for a job in 60 days, if you’re on welfare, or if your report is inaccurate because of fraud. If you’re not eligible for a free credit report, you can still ask for one. A credit report will cost you up to $10.50 per copy copy.[1]
When examining your credit report, be on the lookout for errors. If you find inaccuracies or incomplete information in your report, contact the consumer reporting company and tell them in writing what information you think is inaccurate. The reporting agencies are legally bound to investigate your questions and “forward all the relevant data you provide about the inaccuracy to the organization that provided the information.”[1] If the information provider discovers the disputed information is inaccurate, then it has to notify the nationwide consumer reporting agencies so they can remove the erroneous information from your file.[1]
A free credit report can help you keep careful watch over your financial well-being. It’s your legal right to obtain this information, and you should take advantage of the leg up the FCRA offers. Use it to make sure that your identity is secure, and to monitor the health of your personal finances.
A WARNING:
While there are many other websites that claim that to provide free credit reports, scores, or monitoring, many are not part of the legally mandated free annual credit report program. To avoid scams, always read the fine print on sites that ask for permission to access your credit information. Make sure that they aren’t going to charge you a fee or collect your personal information for their own gain.
References
[1] Federal Trade Commission . Facts for Consumers: Your Access to Free Credit Reports. 2008. Web. 10 Aug 2011.<http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre34/shtm>.
[2] “Credit Report FAQ.” Experian. 2012: n. page. Web. 1 Feb. 2012. <http://www.experian.com/credit-education/credit-report-faqs.html>.
About the Author
Check ‘n Go, the 4th biggest consumer financial service institution in the US, offers check cashing, instant payday loans online, and cash advance loans as part of their commitment to ethical and responsible lending. Check ‘n Go has consistently set high standards for their payday loan and installment loan services to ensure that their customers continue to have options available for whatever financial circumstances come their way.
