Consumers in the United States are entitled, through the Fair Credit Reporting Act, to receive a free annual credit report. Equifax, Experian and TransUnion are the only credit reporting agencies in the United States. They have authorized annualcreditreport.com as the only official source for free consumer credit reports. This official credit report includes reports from each of the three U.S. credit reporting agencies. The official annual credit report may be obtained online, by phone or through the mail. You are also entitled to a free credit report within 60 days of being denied credit. A number of states also allow consumers more than one free annual credit report.
Be Safe
There are many websites offering credit information and free credit reports. While many of these sites are legitimate, credit reports are a common target for criminals and websites that attempt to gain access to your confidential financial information. Because of the security risks to consumers, the U.S. government and the credit reporting agencies recommend that consumers do not click on links from third-party websites, but instead go directly to the only authorized free credit report site: www.annualcreditreport.com.
What's in My Credit Report?
Your free annual credit report is an overview of your personal credit history. It includes your current and previous residences, employers, credit cards, loan accounts, credit and loan delinquencies and any accounts that have been reported and turned over to a collection agency. It also includes a list of companies and organizations that have requested your credit report and those that have been given access to your information. It does not include personal financial information such as bank balances, income or monthly bills such as utilities.
Errors and Differences
When reviewing your free annual credit reports, you may discover that some of the information in your credit report is wrong. You may also notice that the information in each of the three credit reports may be different. It is vital that you review and report any errors on your credit reports as these errors may interfere with your credit score and could possibly result in being denied credit or a loan. Each of the credit reporting agencies provides information on how to report errors.
Where's My Credit Score?
Your free annual credit report does not contain your FICO score, also known as your credit score. This score is developed for the three credit reporting agencies by the publicly traded Fair Isaac Corp. You may have a different credit score at each of the three credit reporting agencies due to differences in your credit reports. If you obtain your free annual credit report online, you will be given the opportunity to purchase your FICO score from each of the reporting agencies. The fee for each credit score is usually under $10. You may also obtain your FICO score for a fee from MyFICO. Because your FICO scores are used to determine whether or not you are a good credit risk, they are important numbers to know.
Credit Monitoring
Checking your credit report each year is a good way to guard against identity theft. In reviewing your credit reports, you will be able to see if anyone else is applying for or taking out loans or credit in your name. There are many credit monitoring services that, for a fee, will monitor your credit reports each month for unusual activity and potential identity theft. Your bank or credit union, MyFICO and the three credit reporting agencies all offer secure, low-cost, monthly credit monitoring and identity theft prevention services.
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