Obtaining a Credit Report

Every year you should obtain a copy of your credit report to verify that all the information in it is complete and accurate.  You might be very well informed about your own financial past, but you are not the source reporting your information to the credit bureaus.  Various lenders and creditors are the sources reporting your information, along with millions of other consumers.  While it’s true that many of the transactions are completely computerized nowadays, there is still a human data entry operator somewhere in there that might make a mistake resulting in your information being inaccurate.     

There are three different credit bureaus: Experian, TransUnion and Equifax.  Each of these bureaus maintains independent records.  What that really means to you as the consumer is just because one report is accurate, the other two might not be. However, this is sometimes a little tricky to determine since some business do not report to all three bureaus.  So it is always good to obtain a copy of your report from all three bureaus.        

With the incorporation of the Fair and Accurate Credit Transactions Act (FACT Act), every person has the right to obtain a credit report free of charge every year from each of credit bureaus.  Mistakenly, some individuals think that a free report will just be sent to them.  However, you are still required to take the initiative and contact the bureaus to request your free copy.  This task has become amazingly easy with the internet.  You may simply visit http://www.AnnualCreditReport.com and just follow the instructions on the homepage.  It is important to note that going through this centralized service is the only way to obtain the free report that you are entitled to according to the FACT Act.  There are many ads that try to hook you by stating that you can obtain a free report through them, but that’s not true.  It is also possible to request a copy be sent to you via phone at 1-877-322-8228.   

AnnualCreditReport.com is the one and only site in which you may obtain a report completely free of charge with no strings attached or promotions around every corner.  It is true that there are some companies which will provide a free report to you, but it is usually attached to some other transaction that you must complete with company.  Even the bureaus will sometimes run promotions where you may receive a free report directly from them, but again they are usually trying to sell you something else too, whether it be your credit score or some software tool to accompany the report. It normally costs about $10 for each report purchases through the bureaus, or typically $30 for all three reports.    

There are also scam artists and con websites to be skeptical of when searching online.  This is especially true if they promise to help repair your credit or give you excellent credit history by simply “cleaning it up”.  As with any business transaction, you should only provide your personal information when you are assured that the business is legit.  Only you can truly repair your credit or clean it up by disputing all inaccurate and incomplete information.