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Computer Support For Individuals And Small Business |
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3/16/10 |
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Credit Report |
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You've probably read how important it is to review your credit report regularly. But how do you get it? Is it really free?
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There are three major credit reporting agencies (also known as credit bureaus): Experion, TransUnion, and Equifax. Though they are each independent of the other, they provide the same basic function, accumulating consumer credit history and making it available to lenders (for a fee). It is important to note they are private businesses and not governmental agencies.
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Some years ago a consumer's credit information was unavailable to him or her. If turned down for credit, there was no way to find out why or to correct errors.
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The Fair Credit Reporting Act enacted in 1971 provided certain protections to consumers. Among other things it required consumers have access to their credit information and have the ability to correct errors, but consumers had to pay to look at their own credit report.
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Subsequent legislation, the Fair and Accurate Credit Transactions Act of 2003 (FACTA) grants U.S. citizens free access to their credit reports. One free report per credit reporting agency is allowed per year.
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There are three ways to request a copy of your credit report: |
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- Online - Go to http://www.annualcreditreport.com and follow the instructions. You can ask for a credit report from only one agency at a time. Note that you may be asked personal questions based on information on file by the particular agency for verification purposes. This is easily the quickest way to review your credit history.
- By Phone - Call (877) 322-8228. This method takes 15 days to be processed.
- By Mail - Fill out the request form which can be found at http://www.annualcreditreport.com and mail it to the address on the form. If additional information is needed you will be contacted by mail. This method also takes at least 15 days, and perhaps more.
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Though credit reports available through these methods are free they do not include a credit score. A fee will be required to get your actual credit score. The free reports are limited to one per year per reporting agency, but the different agency reports can be spread out through the year.
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