Your credit report is a collection of data from all of your credit accounts, which includes auto loans, mortgages, student loans, credit cards and other types of consumer credit. Check your credit report to see all of the data that goes into calculating your credit score and determining whether you are approved for credit.
Get Credit Reports
The main credit bureaus that keep a record of your credit history are Experian, TransUnion and Equifax. Although you can order a credit report at any time from the credit bureau that maintains the report, you are also entitled under the Fair Credit Reporting Act to one free report each year from each bureau. To get this free report, go through the Annual Credit Report website (see Resources) or call 877-322-8228.
Time Frame
When you order your credit report online, you get immediate access to the report. If you order the report by phone, it will be mailed within 15 days in most cases. You have to wait one full year before you can get your next free report from that credit bureau through the Annual Credit Report website. If you would like to check your credit report more frequently, one option is to space out your requests from the three bureaus. Rather than getting all three of your annual reports at once, get one report every four months throughout the year.
What to Look For
When you receive your credit report, check every detail against your records to ensure that the report is accurate. Because your credit score is based on the information on your credit report, inaccurate information can artificially lower your score and hurt your chances for credit approval. Details to check include the date on which you opened an account, the credit limit, the balance owed, the number of late payments and the account status. In addition, check for accounts you do not recognize. An identity thief might have opened an account in your name. If you find any errors, write a letter that identifies the error and asks that it be corrected. Send a copy of the letter to the credit bureau and to the company that holds the account.
Warning
Some companies offer access to free credit reports, but these offers typically have conditions attached. For example, you might have to sign up for a free trial of a credit monitoring service that will charge you monthly if you do not cancel the service. Use these services with caution. The Annual Credit Report service is the only government-authorized source for your free credit report.
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