Free Instant Credit Reports
From LoveToKnow Creditcards
Free instant credit reports are available online to residents of the United States who have a Social Security number. This information is available to individuals as part of the Fair and Accurate Credit Transactions Act of 2003 (FACTA) which was an amendment to the Fair Credit Reporting Act (FCRA). The goal of this act was to allow individuals to know and respond to what is on their credit reports.
Free Instant Credit Reports Yearly
Each individual is able to receive a free copy of his or her credit report from each credit bureau once a year. Individuals will usually need to pay for additional reports.
Credit bureaus collect data submitted by creditors on a credit report based on your Social Security number. Sharing of this information occurs with other creditors to allow them to make fair credit decisions about you. Yet, not everyone is able to view your report. Only those who have a very specific business interest, or your approval, may do so.
A free, legal credit report from each of the three largest national consumer-reporting companies is available from AnnualCreditReport.com. This is the only website approved by the Federal Trade Commission to provide free credit reports. For those unable to obtain a report online, you may also request a copy directly from the credit bureaus.
How to Obtain a Credit Report
You can contact the credit bureaus and request a copy of your credit report by mail or phone. It may take up to two weeks to receive your credit report. If you wish to obtain a free instant credit report you need to visit AnnualCreditReport.com. The website will ask you to select one of the three credit reporting agencies from which to obtain the report. Keep in mind; you are able to obtain a free copy one time per year from each of the three credit bureaus. Some individuals elect to obtain all three reports at once, while others like to stagger these reports over the year.
Once you visit AnnualCreditReport.com, you will be required to prove your identification through a series of questions. Then, you will arrive at your credit report "live" online. This allows for easy browsing of your report. You may then print a copy of it for your records and to compare against the credit reports from the other credit bureaus.
Misconceptions Regarding Free Credit Reports
There are many misconceptions over the free credit reporting guidelines set up by the government:
- You can get a free report through other companies: It is important to beware of companies offering free credit reports to you. The three credit reporting agencies may offer free credit reporting services, or discounts to you, though. To obtain any of these discounted programs, visit the websites of the credit reporting agencies directly. This is the only secure and approved way to get these services.
- Credit scores are included. Your credit score (a numerical calculation based on the information in your credit report) is not provided as part of the credit report. You can choose to pay a fee for this score. There are also credit score reporting services charging a monthly fee.
- You have to buy a service to get a free report. At the official AnnualCreditReport.com website, there is nothing to purchase. Do not provide any information regarding credit cards when obtaining a free report.
- A Google search is good enough. Do not make the mistake of searching for a free credit report online. Many imposter websites look similar to the official website. Check the name of the website in the browser window after arriving at the website. It should clearly be "AnnualCreditReport.com."
The Federal Trade Commission website is a good place to learn more about the credit report guidelines.
Free Reports in Five Minutes
Are these free instant credit reports? It takes about five minutes after visiting the website to get your free report. You do not need to pay anything to obtain them, so long as this is the first time you are getting a copy this year. By taking precautions, you can ensure your credit report is accurately representing your credit use.
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This page has been accessed 493 times. This page was last modified 17:37, 31 January 2009.
© 2006-2009 LoveToKnow Corp.
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