The Fair Credit Reporting Law grants you the power to receive a copy of your credit reports each year. The FTC enacted this rule to empower consumers. It is helpful to know how to receive free credit reports and take advantage of your legal rights.
What is In a Credit Report
Your credit report details personal information on you and your finances. It monitors your previous addresses, credit cards and loans, and financial judgments against you such as a law suit or bankruptcy filing. They are used by creditors, employers, insurers, and others to assess your credit worthiness. It is therefore critical to ensure that your report does not contain any errors.
How Can I Get My Report
There are 3 major credit agencies: Experian, Transunion, and Equifax. Each will have slightly different sets of information on you. They also measure scores using independent methods. You can obtain a copy of your report online at annualcreditreport.com. This website was established for this specific purpose. You may also contact them at 1-877-322-8228 or mail a special request form to their office. You will be asked to provide your name, date of birth, social security, and one or more addresses to verify your identity.
Alternate Credit Reporting Websites
Many other websites pull information from particular credit agencies and observe changes. They notify you of any activity in your credit file (such as the score being reviewed or new accounts being issued). This is helpful for following your score between receiving the full annual reports and detecting any acts of fraud.
CreditKarma.com is one website that offers cost-free monitoring and will not even require a credit card. Many other sites are broadcast as free but ultimately charge a fee beyond an initial month, so ask about the conditions when you sign up. Additionally, beware of fake websites that appear for common misspelling of web addresses. These websites intend to steal your private information.
Summary of How To Receive Free Credit Reports
Now that you know the usefulness of routinely monitoring credit reports and how to receive free credit reports, it’s time to take action. Get a copy of your credit report and review it carefully. Contact the credit bureaus to remove mistakes. For more complex matters, consider contacting a credit consultant for guidance. This information is meant strictly as an overview and should not be construed as financial advice.