When applying for a personal loan, credit card, mortgage or other credit lines, it is important to understand what is on your credit report. Many lending institutions also view your credit score as a way of determining your creditworthiness. Individuals often think they must be denied credit to view their credit report and score; however, this is not true.
Free Annual Credit Report
Under the Fair and Accurate Credit Transactions Act, or FACT Act, individuals are eligible to receive one free credit report each year from Equifax, TransUnion and Experian credit bureaus.
Ordering Your Credit Report
Although you are eligible to receive your credit report free each year, you can still purchase a report from each credit bureau at any time.
Credit Score
Your credit score is not included in your free annual credit report, or reports you purchase, unless you order it in addition to your full credit report.
Ordering Your Credit Score
Credit bureaus often ask if you wish to order your credit score when you purchase your credit report.
Considerations
Keep in mind that credit is usually updated by creditors only once per month. Therefore, there is not much need to purchase more than one credit report in a 30-day span.
Credit Denial
If you are denied credit or employment based on your credit report, you are entitled to a free credit report from the bureau that supplied information to the lender. This does not include your credit score, but is in addition to your free annual report.
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