Free Credit Reports Online and Other Helpful Credit Score Information

Free credit reports offer valuable information about your financial history and credit scores. These used to be a closely guarded secret, but since 2005, consumers have been entitled to view their own free credit reports once a year from the Equifax, Experian, and Trans Union credit bureaus.

There are many offers on the Internet for free credit reports online or free instant credit reports. They give you an analysis of your credit history and even your all-important credit score generally in return for trying a service like credit monitoring (allows you to access your report & score anytime).

Consumer Reporting Bureaus
Companies that gather and sell your credit information are called credit reporting agencies or credit bureaus. Credit bureaus package and sell information about you called "consumer reports" to creditors, employers, insurers, and other businesses.

The report contains a history, and a credit score which is a conclusion about your credit-worthiness in number form. If you've ever applied for a credit card, a loan, or insurance, there's almost certainly a file about you. This file contains:

Your name

Birth date

Current and past addresses

Social Security number

Employers, past and present

Spouse's name

Home ownership

Payment record

Current debt load

Whether you've ever been sued, arrested, or filed for bankruptcy

The Fair Credit Reporting Act (FCRA)
The FCRA is designed to promote accuracy and ensure the privacy of information used in consumer reports. The latest update to this law went into effect in 2005 when Congress allowed all consumers the right to see their credit reports once a year for free. However, the law doesn't cover credit scores. You will need to purchase those to learn where your credit stands. If you've recently applied for a mortgage or car loan, your lender may provide them to you free of charge.

How do I find the CRA that has my report?
The three major credit bureaus are the most important, and likely all maintain files on you. These are the largest bureaus in the U.S. If you contact the bureaus directly, you will have to pay for your report and score. Visit the government approved site annualcreditreport.com or try a free offer on the web.

Equifax
1-800-685-1111
www.equifax.com

Experian
1-888-EXPERIAN (397-3742)
www.experian.com

Trans Union
1-800-916-8800
www.transunion.com

What if I've been denied credit?
Anyone who takes action against you in response to a report supplied by a credit reporting agency - such as denying your application for credit, insurance, or employment - must give you the name, address, and telephone number of the credit reporting agency that provided the report. Contact the bureau responsible for a copy of your file. It's your right.

The credit reporting agency must tell you everything in your report, including medical information and the sources of the information. The credit reporting agency also must give you a list of everyone who has requested your report within the past year-two years for employment-related requests.

Is there a charge for my report?
You're eligible for one free credit report per year from the three major credit bureaus. There's also no charge if a company takes adverse action against you, such as denying your application for credit, insurance or employment, and you request your report within 60 days. In some cases you won't see your credit score, and will pay an additional small charge.

What type of information do credit bureaus collect and sell?
Credit bureaus collect and sell four basic types of information.

Identification and employment information
This data includes the basics like name, address and employer.

Payment history
Accounts with different creditors are listed, showing how much you owe and whether you've paid on time. Any referral of overdue accounts to a collection agency may also be noted.

Inquiries
CRAs maintain a record of all creditors who have asked for your credit history within the past year, and persons or businesses requesting your credit history for employment purposes for the past two years.

Public record information
Events that are a matter of public record, such as bankruptcies, foreclosures, arrests or tax liens, may appear in your report.