Online Credit History Report

In 2011, getting a credit report requires only a computer and willingness to enter your information into an online form, but consumers had to pay for their report until the passage of the Fair and Accurate Credit Transactions Act of 2003 (FACTA). Online credit history reports are the quickest way to review your credit profile, but they do not provide the entire picture needed to see your credit as a lender views it.

Getting Your Report Online

The three major credit reporting bureaus in the United States -- Equifax, Experian and TransUnion -- created AnnualCreditReport.com in 2005 as a centralized location for consumers to acquire their credit reports from all three agencies. This is the only way to receive your reports for free. Other websites that try to sell you a report or make you sign up for additional services are trying to sell you something you are entitled to for free.

Misconception

FACTA requires the major bureaus to furnish your credit report, not provide you with your credit rating. The credit rating agencies can still charge consumers for their FICO score -- a formula created by the Fair Isaac Corporation that predicts the chance of default on a loan. Some services, even one from the Fair Isaac Corporation, offer to estimate your score based on a few major areas, but the FICO formula has dozens of variables so only purchasing your FICO gives your true rating.

Features

Your online credit report contains the same information as one you would receive by mail or over the phone. It lists any loans you have had in the past seven years or ones you are still paying off and their balances. Also included is any demographic information you provide on applications, inquiries into your credit history and public judgments, such as bankruptcies and tax liens. Not included are rent payments, medical information or banking history. Some creditors do not report all three agencies or any at all, so each report will have different information -- making it vital that you pull your report from each agency.

Tip

You can monitor your credit for free throughout the year by spreading out your three free credit reports in four-month intervals, suggests MSN Money. When you type in "AnnualCreditReport," watch for spelling as a single typo could send you a scam website that asks for your credit card information to access your report. Print your reports for later reference and exit your browser after viewing your report so nobody can gather your personal info, especially if you use a public computer.