- Get the Money you need.
Well it has been more than a year since I last checked my credit score, so I decided to go ahead and get my free report for the year. Last year I was a little unclear on what I was legally entitled to. I imagine that some of the Debt Wrench readers might find this system a little confusing too. With all the scams and companies out there that claim to give you a free report(among other things) there is need for clarification. So let me clarify to the best of my knowledge. I would also encourage you to do some reading on your own to verify all the information shared here.
- You are legally entitled to get one free credit report from each of the three national credit bureaus (Experian, Equifax and TransUnion) per year. This is a federal law.
- They are legally obligated to give you that information once a year for free.
- If you want to know your “credit score” (aka FICO score) you will have to pay extra. I paid around 8 bucks for my score from Equifax.
- There is only one site that is authorized to get your three free annual credit reports under federal law. Which is AnnualCreditReport.com. (see FTC website)
- You can go to each individual website of the 3 national credit bureaus for your credit reports. In fact Annualcreditreport.com really just redirects you to each website. It is more convenient to get all three reports at Annualcreditreport.com, because you don’t have to fill out the information 3 different times on each of the three credit bureaus’ websites. The website will “autofill” your information as you are redirected to the individual bureau website.
How do I monitor my credit reports for free year round?
Well it is simple only request the report from one of the 3 bureaus at a time. If you space out your requests 4 months apart you’ll have monitored your credit report all year compared to if you only checked all three at once.
This is the cheapest method to monitor your credit report and unfortunately it isn’t the best. But if you are like me you hate paying people to find out what records they are keeping on you then this might be the method for you. Here are a few of the disadvantages I can see to this method.
- Not all creditors report to all three bureaus. One report might not fully reflect your entire score/credit history.
- Checking your reports only three times year might not catch identity theft among other things in time. However it is far better than once a year or never.
Below is some if I pulled for the Federal Trade Commission.
What is AnnualCreditReport.com?
AnnualCreditReport.com is the ONLY authorized source to get your free annual credit report under federal law. The Fair Credit Reporting Act guarantees you access to a free credit report from each of the three nationwide reporting agencies — Experian, Equifax, and TransUnion — every twelve months. The Federal Trade Commission has received complaints from consumers who thought they were ordering their free annual credit report, but instead paid hidden fees or agreed to unwanted services. Don’t be fooled by TV ads, email offers, or online search results. Go to the authorized source when you request your free report.
How do I request my free credit report?
You can request your free report online, by phone or by mail. Visit AnnualCreditReport.com, call 1-877-322-8228, or fill out the Annual Credit Report Request form and mail it to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. No matter how you request your report, you have the option to request all three reports at once or to order one report at a time. By requesting the reports separately, you can monitor your credit more frequently throughout the year.
Why should I request my credit report?
Because the information in your credit report is used to evaluate your applications for credit, insurance, employment, and renting a home, you should be sure the information is accurate and up-to-date. In addition, monitoring your credit is one of the best ways to spot identity theft. Check your credit report at least once a year to correct errors and detect unauthorized activity.
What should I look for when I review my credit report?
If you see accounts you don’t recognize or information that is inaccurate, contact the credit reporting agency and the information provider. For more information, read the FTC’s tips on how to dispute credit errors.
If you suspect identity theft, you may need to place a fraud alert on your credit report, close compromised accounts, file a complaint with the FTC, or file a police report. Start by visiting the FTC’s identity theft website.
FTC Seeks Comments on Proposals to
Amend ‘Free Credit Report’ Rule<
The Federal Trade Commission is seeking public comment on proposed amendments to the Free Annual File Disclosures Rule, also known as the “Free Credit Report Rule.” The proposed amendments would implement a new law designed to prevent consumer confusion in advertisements for “free credit reports.” The amendments also would address certain practices that may interfere with a consumers’ ability to obtain the credit report that credit reporting agencies must provide for free under federal law. Learn more…File a Complaint
The FTC wants to hear from you if you paid for what you thought was your free annual credit report.
SPAM
The FTC also wants you to forward us any unsolicited emails you’ve received offering you a free credit report. Send them to spam@uce.gov.
AnnualCreditReport.com will NEVER send you an email solicitation for your free annual credit report or use pop up ads.
Tell me what you think about this method of monitoring your credit report in comments below.