Free Credit Reports - What You Need to Know
By law, you are allowed one free credit report every 12 months, upon your request, from each of the three national credit reporting agencies. These companies are not government agencies, but are publicly-traded, for-profit corporations. They exist to collect and compile your credit information for financial institutions.
Why would an agency need to collect my information?
Well, say you are a tiny little bank with only $2000 in your vault. A complete stranger walks in and asks for a $2000 loan, which he says he will pay back, with interest, the next day. Without a credit reporting agency, you would have no clue if he will actually pay back your loan or simply skip town after giving you a false name and address.
Credit agencies provide a valuable service to banks, insurance companies, landlords, credit card services, even managers interviewing potential employees. They all need to know who you are and your credit history before they give you a loan, an apartment, a mortgage or a job.
Hey, not fair, I have a right to know my credit report!
The federal government thought the same thing, and so enacted the FACT Act (Fair and Accurate Credit Transactions Act) in 1993. This act allows you to receive your reports, free of charge, once a year. The three major credit reporting agencies together created a website for you to easily ask for this information. This website is www.annualcreditreport.com, and is the only authorized website that will send you one free report from each company. You do NOT need a credit card to ask for your report, only your Social Security number, date of birth and address.
So, what are the three agencies? They are:
Founded in 1899, Equifax serves customers in the financial services sector, retail, healthcare, telecommunications, insurance and government industries. They have offices in 13 countries. They provide your financial information to potential creditors, and empower consumers to manage and protect their financial health through monitoring services.
- Toll-free: 1-800-685-1111
- Get Your Equifax Credit Report Now
Experian serves more than 40,000 clients in 60 countries, with offices in 12 countries. They maintain credit information on about 300 million consumers and 15 million businesses. Through a variety of partner companies, Experian assists consumers with viewing and monitoring their credit reports, along with offering a variety of financial and debt-servicing services.
- Toll-free: 1-888-397-3742
- Get Your Free Credit Report and Score
TransUnion, with partnerships in 30 countries, provides businesses with an accurate and unbiased picture of their financial capabilities. From its founding in 1968, they have been at the forefront of technology, being the first to offer on-line data systems to speed up reporting times to lenders. They were also the first to offer a department dedicated to consumer fraud.
- Toll-free: 1-800-916-8800
- Free-Trial of TransUnion Credit Monitoring
Do I Have to Re-apply For My Report Every Year?
Yes, you do. That’s why it’s a good idea to sign up with a credit monitoring service. They will not only re-apply your report for you, they will do so every three months, from all three agencies. Plus, they constantly monitor your report and alert you to any unauthorized activity.
For lock down your credit, you can sign up with an identity theft protection service. They will monitor your report the same way, but also block any activity you do not authorize before it happens. Plus, they will clean up your good name should a thief successfully commit fraud using your identity.
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