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Free Credit Report

 | Jul 22,2007


The FCRA (Fair Credit Reporting Act) requires that the top three credit reporting agencies, Experian, Equifax and TransUnion, provide consumers with a free copy of their credit reports once every calendar year. To get this free report you will need to either contact the credit reporting agency directly, or you can contact the official website, www.annualcreditreport.com.

According to the Federal Trade Commission, www.annualcreditreport.com is the only site authorized to fulfill the FCRA credit report requirements. If you are interested in receiving additional free credit reports throughout the year, then you can take advantage of free trial offers from credit monitoring services.  Make sure you order the copy with a reputable site, as some credit report sites are fronts for identity theft operations.  Two reputable credit monitors where you can receive a free credit report are Freecreditreport.com and ExperianDirect.com. 

How to Read Your Free Credit Report

A free credit report is separated into four major sections: identifying information, credit history, public history, and credit inquiries.

1. Identifying Details: this will contain your personal information such as your name, address, social security number and a list of your former places of residency and any other names you’ve used.
2. Credit History: this section provides a list of your credit accounts. It will include the name of the creditor, the credit limit, the current balance and any notes on late payments.
3. Public Records: this is the section with listings to avoid whenever possible.  It includes bankruptcies, public records, and other major financial pitfalls.  
4. Credit Inquiries: these are separated into hard and soft inquiries.  Hard inquiries occur when you apply for a loan, such as a mortgage or credit card.  Soft inquiries are those other people make about you, such as an employer or landlord. 

Reviewing Your Free Credit Report

The final important thing you should do when you get your free credit report is to review all of the information, no matter how seemingly insignificant. Look for accounts and names that you are not familiar with, reporting mistakes and unauthorized credit inquiries. If you find mistakes or discrepancies then you need to take steps to correct these problems right away.  Some of these may be a mistake on part of the credit bureau or other reporting agency, while others may be outright fraudulent material.  

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