Totally Free Credit Report
How To Get Your Totally Free Credit Report And Why It Matters
Getting your totally free credit report may be vital to your financial success and well being.
Considering how our credit history can directly influence almost every facet of our financial life, it's odd that many of us have never requested a copy of our personal, totally free credit report, or even know what credit reports and FICO scores are.
Knowing what's recorded in your credit file can be of great help when making major financial decisions, and it can even shed light on why you are not getting the credit that you applied for and need.
Whenever any company or financial institution considers you as a credit risk, the credit history that is documented in your report determines the outcome of their decision. Thus, it's important that you know and understand what your annual credit report actually says about you.
Note: It is YOUR responsibility to see that the information in your report is kept accurate.
What Is My Free Credit Report?Your free annual credit report is a document that contains all your relevant personal and financial information. It contains personal identification information such as your full legal name, your date of birth, and your Social Security Number, or Social Insurance Number if you live in Canada.
It also contains your current and previous addresses, and current and previous employment information. Much of your personal information is taken from previous applications for credit that you have filled out in the past.
Also, all your credit history and/or banking information is documented. This includes any current or past financial accounts including loans, credit card accounts, and bills paid monthly.
For instance, for your credit card accounts it will show your account number, date opened, credit limit, date of last transaction, last reported balance, and your current payment rating, meaning account paid as agreed and up-to-date, or payment past due.
The names and details of any cosigners or other persons responsible for paying any of your accounts are also reported. (This is one reason why you should always think twice before you cosign a loan for anyone.)
Also, any public records that reflect your financial situations are listed. This includes the history and status of any arrests, judgments, bankruptcies, collection actions, liens, repossessions, outstanding child support payments, and so on.
It may surprise you to know that ALL credit inquiries on your file are indicated. Whenever you apply for a credit card, loan, lease, or purchase something on an installment plan, the lending company requests a copy of your credit report and the request is recorded. Too many inquiries can work against you.
Your credit report is essential to leasing a car, applying for a loan, obtaining mortgage, and even renting an apartment and getting new employment. So, if you have never checked out your credit history, now is the time to do it. There is always a chance that yours may contain outdated information or errors, and it is crucial that you have your financial history updated and made accurate promptly.
Personal credit report repair is vital.
What Is FICO Score, Or Credit Score?The personal and financial information in your report is used in the calculation of your personal Credit Score, or FICO Score. Your FICO will determine how easy you can obtain credit, so you should know what a good FICO credit score is, how it's calculated, and how raising FICO score can be to your advantage and even save you money.
Raising FICO Score
Understanding FICO Score Ratings
Obtaining Your Totally Free Credit ReportIf you live in the United States, your credit history is maintained by three of the national credit bureaus, Experian (formerly TRW), Equifax, and Trans Union. Whenever you apply for credit, the lender will contact one of these three bureaus to request a copy of your report. The information on your report is routinely updated when you make payments or pay off accounts.
If you live in Canada, it's a bit simpler. There are just two major credit bureaus that maintain your credit information, Equifax Canada and Trans Union of Canada, Inc.
If you live elsewhere in the world, Equifax, Experian, and Trans Union maintain branch offices in several other countries around the world.
American ResidentsUnder the federal government's Fair and Accurate Credit Transactions Act (FACT), each of the nationwide credit bureaus in the U.S. must provide you with one totally free credit report each year. However, you may have to pay a fee to obtain your FICO score.
A secure, official website has been established where you can obtain your annual free credit report from all three nationwide bureaus at once. Do NOT contact the three nationwide credit reporting agencies individually. Use their central website instead. This is the safe, recommended way to obtain your free reports.
To get your reports visit
www.AnnualCreditReport.com
You may also phone 1-877-322-8228 toll-free or write to:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
Canadian ResidentsUnder Canadian law, all major credit bureaus in Canada must provide you with a free Canadian credit report. Canadian residents can visit Equifax and Trans Union online and request your totally free credit reports.
Residents Of Other CountriesOther countries may have different laws and requirements. You need to visit Equifax, Experian, and Trans Union online to discover what services and regulations apply to your country.
How To Contact The Credit BureausThe easiest way to contact the major credit reporting agencies is to visit their websites.
Free Equifax Credit ReportTo request your free credit report from Equifax, visit
www.equifax.com
and hold your mouse over the American flag in the upper-left corner of the home page to select your country from a list of countries.
Free Trans Union Credit ReportVisit
www.transunion.com
and select your country of residence.
Free Experian Credit ReportVisit
www.experian.com
and select your country of residence.
Don't Be Fooled By The AdsOnce you arrive at the credit bureau's website, you may have to look around a bit for information on how to obtain your totally free credit report. The link to the free yearly credit report is not always made prominent. The bureaus are a little coy about displaying it, preferring instead that you purchase a copy online for a fee.
You are entitled to a totally free credit report, so bypass the attractive ads and submit your request. Expect the bureaus to take several weeks to process your application and mail out your up-to-date report.
However, if you are in a hurry and don't mind paying the extra fee, order an instant online credit report and FICO score from the company's website.
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