Every individual has a credit file. Companies offer to give you paid access to your credit report for a fee. However, you are eligible to receive a free copy of your credit report annually. Consumers should check their credit report at least one every 12 months.
Identification
The Fair Credit Reporting Act defines the term "consumer report" as any written, oral or other communication of a consumer's credit history, including how often and at what amount payments are made. This information is used to determine a consumer's creditworthiness, credit standing and credit capacity. The purpose of a consumer report is to establish a consumer's eligibility for credit and, in some cases, employment.
Purpose
The Fair Credit Reporting Act guarantees you access to all three of your credit reports -- but not your credit scores -- for free once every 12 months. Guaranteed access is given in an effort to make consumers aware of the information that is reported in their credit report, as well as prevent identity theft.
Free Annual Credit Report
According to the Federal Trade Commission, the only place to request, view and print your credit report for free is through the Annual Credit Report website. The Annual Credit Report website was created by the three major consumer credit reporting bureaus: Experian, Equifax and TransUnion. Visit the Annual Credit Report website. You can also call to order your free annual credit report.
Credit Reports
Not all credit reports contain the same information. Consumer credit reporting bureaus rely on creditors, lenders, local courts and collections firms for credit and/or judgment or collections information about a consumer. A consumer credit reporting bureau is always limited to the information that is reported by a third party. It is common for creditors to report credit information at different times to each of the three major consumer credit reporting bureaus.
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