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Need credit? Before a lending institution agrees to give you money,
it will review your credit report to make sure you are a good credit risk.
The better your credit rating, the better your chances of getting a
financial loan, and a good interest rate on that loan. With so much
weighing on what your credit report says, it's a good idea to get a copy of
your credit report to make sure it is up to date and accurate. The Fair
Credit Reporting Act entitles every American to one free credit report a
year from each of the three major credit bureaus: Equifax, Experian and
TransUnion.
Your credit report is compiled by the three major credit bureaus using
information from your creditors. Credit bureaus sell the credit
information they get on you to banks, mortgage lenders, credit card
companies, credit unions, insurance companies, department stores, landlords
and even some employers.
A credit report includes information about you, your buying and
purchasing habits, who is requesting information about your credit and
whether or not you've been sued or filed for bankruptcy. Specifically,
your report will contain:
- Personal Information including your name, address, Social Security number, date of birth and employment history.
- Credit History including information about your credit accounts, the type of credit account you have established (bankcard, auto loan, mortgage, etc.), the date you opened the account, your credit limit or loan amount, the account balance and your payment history. Negative information about your credit history can also appear if, for example, an account is turned over to a collection agency.
- Inquiries by everyone who has accessed your credit report within the last two years. Businesses, employers, insurers and banks all have a legal right to access your credit report. The report will include "voluntary" inquiries, generated by your own requests, and "involuntary," which are generated by all other requests.
- Public records that have a bearing on your credit such as whether you have filed for bankruptcy, foreclosed on a property or had a court judgment issued against you.
The quickest and easiest way to gain access to your credit report is online. The three major credit bureaus have set up a central and secure Web site, www.annualcreditreport.com, just for this purpose.
To view your credit report online, you will need to provide your name,
address, Social Security number and date of birth. And for security
reasons, you may also need to answer a question only you would know, such
as the name of your mortgage company or your credit card account number.
If you're concerned about sharing personal information online, you can
request your credit report through their toll free number, 1 (877) 322-
8228, or by writing to: Annual Credit Report Request Service, P.O. Box
105281, Atlanta, GA 30348-5281. You'll need to download a request form
found on the Federal Trade Commission's Web site (www.ftc.gov) under the "For Consumers" tab.
Keep in mind that it can take up to 15 days to obtain your credit
report if you call in or mail your request, whereas you can look at your
report online the minute you fill in the request. If you do access your
report online, print it off immediately as you may not be able to gain
access later and remember to close your browser so no one else can look at
your information.
You are entitled to one free credit report a year from each of the
three major credit bureaus. You can space out your requests, ordering from
one company at a time, in order to track any changes throughout the year,
or request copies from each company at the same time to compare any
differences in the three reports.
You can also exceed your yearly limit and obtain more than the free
credit reports allowed if certain situations apply. These include: if you
have been denied a loan, are unemployed and plan to look for a job in the
next 60 days, if you receive public assistance, or if you think your credit
report is wrong due to fraud or tampering (for example, if you think you
are a victim of identity theft). If none of those situations apply and you
still want another credit report, the three credit bureaus must provide
them at a cost not exceeding $9.50. You should contact the credit bureaus
directly if you plan to purchase your report.
When requesting your credit report online, make sure you type the exact address www.annualcreditreport.com, because many Web sites with
similar sounding names offer free credit reports but are really intent on
selling you financial services. You will know you are not on the official
Web site if you get a follow up email asking for personal information, if
you see a pop-up ad while visiting the Web site or if someone calls you
claiming to be from annualcreditreport.com. Do not respond to those prompts but instead report any contact or forward any such email to the FTC at spam@uce.gov.
You should also know that the major credit bureaus will try to sell
you services in addition to giving you a free credit report. Just
remember, you are under no obligation to buy additional services.
To receive your free annual credit report, contact:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
1-877-322-8228
www.annualcreditreport.com
To purchase a copy of your credit report, contact:
Equifax: 800-685-1111; www.equifax.com
Experian: 888-EXPERIAN (888-397-3742); www.experian.com
Trans Union: 800-916-8800; www.transunion.com
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