Credible Credit Reporting Companies

A credit report is a comprehensive set of information that shows your loans, balances and payment behavior for those accounts. It is used by lenders to determine your credibility and interest rates when applying for loans and credit cards. There are many companies out there that promise free credit reports but lack credibility. With identity theft and fraud on the rise, it is important to know who you can trust with your credit reporting needs.

AnnualCreditReport.com

By law each person is entitled to one annual free credit report from the only valid yearly source, which is AnnualCreditReport.com. AnnualCreditReport.com is only used by those who have not yet received their free yearly report. Once you receive it, you have to use other credible companies for monthly reports. To request a credit report from AnnualCreditReport.com, navigate to the website. On the main page, select your state and follow the guided directions to order a free credit report. Upon request, you will receive a copy of your credit report within seven days.

Equifax

Equifax (see Resources) is one of the major credible credit reporting agencies. If you have already received your free yearly credit report and are looking for month-to-month credit monitoring, Equifax is one of the companies you can sign up with. It provides 3 in 1 and a free FICO score. It also provides identity theft insurance called ID Patrol, which can pay you up to $1 million depending on the insurance package that you choose. In addition to its many features, Equifax also includes a 24/7 customer care line.

Experian

Experian (see Resources) is another credible reporting agency. Like Equifax, it offers you options on month-to-month credit monitoring and reporting in addition to a free PLUS score. Experian also provides an additional service called "VantageScore," which uses a simpler, single formula to evaluate your credit risk profile. While it costs extra, it is an advantage for those who are not proficient in reading credit reports. Experian also provides you with an identity theft insurance known as Protect My ID, which monitors suspicious changes and provides solutions to rectify problems.

TransUnion

TransUnion is the last of the credible credit reporting agencies. Like the others, it provides a free comprehensive credit report at least once a year and additional reports for certain fees. New users are eligible for a free 30-day trial period that includes full credit monitoring and a credit score. TransUnion provides a 24-hour notification of any critical changes to your report so you can dispute anything that seems questionable. The TransUnion Fraud Victim Assistance Department works to solve issues pertaining to fraud and identity theft.

Warnings

Do not subscribe to companies that promise free credit scores and monitoring because more likely than not there is a catch to it. Most of these companies scam you with false reports and make it difficult to cancel the subscription once you become a member. Do not use personal information on a credit reporting website that is not secure. Always check for the "Lock" icon on the browser's status bar so you are confident personal information will not fall into the wrong hands.