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Credit Report Education

Latest Guides

  • CARD Act: Credit Card Accountability, Responsibility and Dislosure Act
    An informative, detailed guide to the CARD Act, a new law that protects consumers against predatory practices from credit card companies.
  • A Guide to the Fair Credit Reporting Act (FCRA)
    The Fair Credit Reporting Act is a law that regulates consumer reports and consumer reporting agencies (CRAs). Here is a consumer-friendly summary to help you gain an understanding of your rights as a consumer and the obligations placed upon credit reporting agencies.
  • A Look at a Sample Credit Report
    There are many places and ways to get your credit report, and the format yours comes in may look different than the sample here. But credit reports, no matter where you get them, all include the same elements.
  • Building a Credit History
    A lot of people just starting out with credit don’t have a clue how to build a solid credit history. People rebuilding a bad credit history are slightly better off, knowing more about what not to do. Start here to learn how you can build a good credit history.
  • Business Credit Reports
    Your business credit report may be used by a variety of individuals and businesses for a variety of reasons. Most commonly, creditors and lenders view your corporate credit to make a lending decision about you.
  • Child Identity Theft
    17-year-old Zach Friesen was shocked when he was turned down for both a student loan and a job due to bad credit history. He didn’t know he had any credit in his name, let alone bad credit. As it turns out, someone had used his personal information to buy a $40,000 houseboat when Zach was only 7 years old.
  • How to Get Your Child's Credit Report
    It’s a good idea to check your child’s credit report every few years for signs of identity theft. Here, we provide detailed information about contacting the credit bureaus.
  • Check Your Credit Report for Identity Theft
    Identity theft is a crime that affects millions of Americans every year. It's a crime that can be difficult to prevent and even more difficult to detect. You can take action today to find out if you're a victim by ordering your credit report and reviewing it for the following signs of ID theft.
  • Don't Let Medical Bills Ruin Your Credit
    Medical bills are the leading cause of bankruptcy according to AARP. Unfortunately, many people neglect their medical bills without realizing the impact that those unpaid bills could have on their credit score.
  • Credit Card Charge-Offs
    After six months of late payments, your credit card issuer will likely charge-off your account. But this doesn't mean your debt has been canceled. Find out how charge-offs continue to haunt you and your credit report for up to seven years.
  • Beware of Credit Repair Agencies
    Firms claiming they can help you obtain stellar credit in a short time span usually charge hefty upfront and monthly fees, and produce limited results. Learn how they operate and why their methods aren't usually successful anymore.
  • Fixing Errors on Your Credit Report
    It’s likely that your credit report contains some kind of error, whether minor or serious. Be proactive and correct inaccuracies now, before they cause you problems in the future.
  • Credit Reports 101
    Your credit report is a record of your credit history. Loans, credit cards, and other debts name are listed on your report, as well as your payment history for each of these accounts.
  • History of Credit Reporting
    Since the earliest times, lenders realized that if an individual had defaulted with one lender, they were likely to default with another. In the late 1800s, businesses began to form with the sole mission of keeping track of the good borrowers and the bad. These early credit bureaus would then sell their findings to lenders.
  • The Role of the Credit Bureaus
    TransUnion, Experian, and Equifax are the three major US credit bureaus. Each of them compiles and stores the personal and financial information on an estimated 205 million Americans. What do they do with this information, and what restricts them from sharing it with just anyone?
  • The Other Two Credit Bureaus: Innovis and ChoicePoint
    Experian, Equifax, and TransUnion are “the big 3” credit reporting agencies in the US. But Innovis and ChoicePoint are two other bureaus that deserve mention.
  • Who Can Access Your Credit Report
    The Fair Credit Reporting Act (FCRA) requires credit bureaus to protect your personal information. There are only certain circumstances in which the bureaus can share your report. Here are the groups that are legally able to review your report.
  • How to Get Your Credit Report
    It's a really good idea to check your credit report regularly. Not only will you get a bird's eye view of your credit, you'll also make sure there is no evidence of identity theft or unauthorized activity. Here, we list several ways to get your report.
  • Equifax
    Equifax is one of the three major credit bureaus in the US. For your convenience, we've listed their contact information here so you can reach them by phone, mail, or online as needed.
  • Experian
    Experian is one of the three major credit bureaus in the US. For your convenience, we've listed their contact information here so you can reach them by phone, mail, or online as needed.
  • TransUnion
    TransUnion is one of the three major credit bureaus in the US. For your convenience, we've listed their contact information here so you can reach them by phone, mail, or online as needed.
  • Fair Credit Reporting Act
    The Fair Credit Reporting Act was enacted in 1971. The Fair Credit Reporting Act states that if you have been denied credit, the merchant that denied you credit must tell you the reason why. Also, you will be entitled to a copy of your credit report from the bureau that the merchant used. The following is more information on the rights your have because of the Fair Credit Reporting Act....
  • Your Legal Rights
    Federal law states that only certain people can obtain a copy of your credit report and that your credit report can only be used in a certain manner. We tell you who has access. You also learn 8 things lenders cannot consider and 7 things they can consider in deciding whether to offer you credit. We also tell you how long information remains on your credit report.
  • How To Build A Credit History
    If you do not have a credit history (or have a sparse one), you should start to work on one immediately. First, you must have a steady income and should live in the same area for at least a year. Then you can try applying for credit with a local department store or applying for a small loan amount from your bank. If you still are having problems developing credit, you may need a cosigner....
  • What Is A Credit Bureau?
    A credit bureau is a storehouse for credit history information. There are over 1000 local and regional credit bureaus throughout the U.S. However, most credit bureaus are either owned or under contract to the nation's three major credit reporting agencies: TransUnion, Equifax, and Experian, maintain enormous databases that contain credit histories on more than 200 million Americans.
  • Common Credit Terms
    This is a list of some common credit terms. Everyone thinks they know what a credit report, a credit reporting agency, or Equifax is, but do they know the real definition of those terms? Not understanding the true definition for words as common as credit report can sometimes put you in a bad spot. Our glossary goes from "annual fees" to "transunion."
  • Free Trans Union Credit Report Info
    Your free TransUnion credit report provides a great deal of raw information. The importance of the data is in how it's interpreted. To get the maximum benefit from your credit report, here's how to see the report data like a creditor does. Your Free Trans Union Credit Report Covers: Identification; Credit History; Public Records; and Report Requests.
  • Trans Union Credit Report
    The credit bureau that issues your Trans Union credit report is one of the world's leading business intelligence providers. Founded in 1968, Trans Union maintains records on well over 200 million Americans, with other operations throughout the world. Each year Trans Union processes literally billions of pieces of information. Learn important TransUnion facts.
  • The Basics On Credit Bureau Reports
    When you apply for a loan, lenders want to know: Do you pay on time? Have you skipped out on any obligations? Three major credit bureaus collect and sell this information -- your credit bureau report. The report usually also contains a credit score - a numerical ranking of your credit worthiness. Credit reports contain indentifying information, credit information, public records and inquiries. What's Inside Your Report
  • Mistakes Do Happen: Consumer Credit Reports
    Credit bureaus collect and compile billions of snippets of information every year about consumer creditworthiness. The three major credit bureaus maintain files on nearly 90 percent of all American adults. Whether it's keying errors or communication snags, sometimes information gets corrupted. Credit report errors have been a serious problem that several states and Congress have addressed.
  • Top 5 Ways to Repair Your Credit Score
    "The reason to improve your credit score is so you can tap into great interest rates which go to people with the highest scores. Here are the top 5 Tactics to Repair Your Credit Score: Beware of your debt distribution - Ideally your debt will be 30% or less of your total credit limits;
  • Free Instant Credit Reports: Now It's Your Turn
    Today every American has the right to a no-strings, free instant credit report. It's a welcome relief to the millions who had to pay to review their credit reports in the past. The free credit reports are a result of the FTC's final ruling under the Fair and Accurate Credit Transactions Act.
  • Free Equifax Credit Report Info and Tips
    Today you can check your Equifax credit report for free every year. Equifax is one of the top three credit report agencies that together maintain information on millions of American adults. Your Equifax credit report shows your past credit history, personal information, and public records about you so businesses can quickly estimate their risk in lending to you.
  • Free Credit Reports Online and Other Helpful Credit Score Information
    Free Credit Reports offers valuable information about your financial history and credit scores. Consumers are entitled to view their own free credit reports once a year from the Equifax, Experian, and Trans Union credit bureaus. We tell you what is in a credit report, and help you understand credit law. You will also learn how to obtain your report, and what to do if you've been denied credit.
  • Knowing Your Credit History
    You know your medical history. Why not your credit history? It's what financial institutions look at when making decisions about giving you credit. Knowing your credit history gives you a big advantage whether you're looking for a loan, a job, a house or a car. We will show you what you need to do to achieve the highest credit score possible.

Latest Blog Posts

  • Friday Grab Bag - 10/23/2009
    It's Friday again, and that means it's time for the weekly SpendOnLife grab bag! Here we share some of the week's more interesting tidbits from the world of credit, personal finance, and identity theft. Enjoy!
  • Rodney Anderson Pioneers the Medical Debt Relief Act
    Should medical debt should hurt your credit score in the same way that other types of unpaid debt do? Rodney Anderson doesn't think so.
  • Credit Q&A with Wells Fargo
    I recently had the opportunity to chat with Erick Smith, a lending specialist based at a Wells Fargo branch in Portland, Oregon.
  • Disputing Errors on Your Credit Report to Get Easier
    Anyone who has tried to dispute an error on their credit report knows how painful and futile the process can be. But the FTC has just issued new rules to make the credit dispute process a lot smoother. I hope.
  • Friday Grab Bag - 9/11/2009
    It's Friday again, and that means it's time for the weekly SpendOnLife grab bag! Here we share some of the week's more interesting tidbits from the world of credit, debt, and identity theft. Enjoy!
  • Are "New Credit Files" Real?
    One of the services offered by some credit repair companies is a new credit file, completely free of any credit history – good or bad. Are these new credit files real?
  • Friday Grab Bag - 8/28/2009
    It's Friday again, and that means it's time for the weekly SpendOnLife grab bag post. Here we share some of the week's more interesting tidbits from the world of credit and identity theft. Enjoy!
  • 10 Simple, Free Ways to Protect Your Identity
    Identity theft is a real and serious problem. Fortunately, there are several basic things that you could do to reduce your chance of becoming an identity theft victim.
  • New Law Would Prevent Employers From Checking Credit Reports
    Many employers currently use credit reports when they’re hiring or promoting employees, but credit report blemishes don’t necessarily reflect job performance. If passed, new legislation would prohibit employers from checking credit reports.
  • Careful! A Loan Modification Can Hurt Your Credit
    When foreclosure seems imminent, a loan modification seems like a godsend. The benefit is a mortgage payment borrowers can afford, but the true cost, many are discovering, is a damaged credit score.
  • The Mortgage Application Process: What to Expect
    What should you expect now in the mortgage processing experience? Here are 8 things to prepare for to make your mortgage application process smoother and faster.
  • Can My Credit Card Company Sue Me?
    When you signed on the dotted line of your credit card agreement, you promised to pay off any debts you incurred on that credit card. If you default on that debt, your credit card provider may seek a judgment against you in a court of law.
  • Round-Up of FTC Consumer Resources
    The Federal Trade Commission is the government agency designed to "protect America's consumers." It was created in 1914, and has gained greater and greater authority through the years. Here's a round-up of the key online resources the FTC offers you.
  • Does Identity Theft Cause Post-Traumatic Stress Disorder?
    The anxiety and stress of trying to recover from identity theft can be horrific. So it’s not really a surprise to hear that some psychologists are labeling the emotional effects of severe identity theft cases as post-traumatic stress disorder.
  • Credit Card Arbitration and You: Get Ready to Rumble
    We all know the credit card companies aren’t playing fair. They’re jacking rates, slashing limits, raising minimum payments, or sometimes cancelling accounts altogether. Did you also know that they've most likely buried a mandatory arbitration clause in your contract, to avoid costly class-action lawsuits?
  • The 5 Most Common Credit Problems
    Low credit scores are caused by negative information on your credit report. There are numerous things on your credit that can influence your credit score, but here are some of the most common problems.
  • When a Credit Search Hurts You
    Does shopping around for the best rate during your search for a new credit card, auto loan, or mortgage hurt you? Learn when credit inquiries affect your credit score here.
  • How Can I Raise My Credit Score?
    We get a lot of questions from readers asking "How can I raise my credit score?" Truthfully, there is no quick and easy fix, but there are some steps you can take that will help (some more quickly and dramatically than others).
  • Blacklisted by Your Credit?
    Your credit report is your financial footprint. It is uniquely yours and it serves as your first impression to the financial world. This "first impression" will introduce you to lenders, employers, landlords, and anyone else that needs to know if you are creditworthy.
  • Friday Grab Bag - 6/5/2009
    It's Friday again, and that means it's time for the weekly SpendOnLife grab bag post. Here we share some of the week's more interesting tidbits from the world of credit and identity theft. Enjoy!
  • Friday Grab Bag - 5/29/2009
    It's Friday again, and that means it's time for the weekly SpendOnLife grab bag post. Here we share some of the week's more interesting tidbits from the world of credit and identity theft. Enjoy!
  • How Good and Bad Information Impacts Your Credit Score Rating, and for How Long
    Credit score ratings are based on the information - both negative and positive - that’s available in your credit report. Here we discuss this information, and for how long it impacts your score.
  • 2 Ways Cell Phones Can Lower Your Credit Score
    I’ve gotten a couple of questions from readers asking whether or not a cell phone can hurt your credit. The short answer is yes, it can. Here’s how.
  • Credit Card Companies No Better Than Gossipy Girlfriends
    Imagine that you had a disagreement with one of your friends over money. The following day, you find out that not just the one, but all of your friends have turned against you. This is a great analogy for understanding universal default.
  • Don't Mistake FreeAnnualCreditReport.com for the Real Thing
    Thousands of people each month type in all kinds of "close-but-no-cigar" guesses and misspellings into search engine boxes and internet address bars in an attempt to find the authentic FTC-sponsored site, which is (drum roll, please...)
  • Credit Report Information
    Here, we rounded up the links to our most useful credit guides and government and industry credit sites. We hope you'll find the following resource list useful.
  • Friday Grab Bag - 4/17/2009
    Each week we point you to interesting news tidbits, personal finance advice, and scam alerts that we think you’ll find interesting or helpful. Check here every Friday for informative and slightly off-the-wall takes on issues related to the economy, credit, and identity theft.
  • Are You Overpaying on Your Mortgage?
    Don’t blindly trust the information printed on your monthly mortgage statements; mortgage service companies can make mistakes, or worse, intentionally defraud you.
  • How Credit-Savvy Are Your Kids?
    How much do your kids know about credit? Are you showing them how to use credit responsibly? Here are 5 essential lessons about money to teach your children.
  • More Stuff = More Stress
    I’ve long felt that more stuff = more stress. More gadgets, more cars, more activities…it all equates to more of us running around like chickens with our heads cut off. Maybe I’m just being nostalgic, but didn’t daily life used to be simpler?
  • Be Smart with Your Tax Refund
    How will you spend your tax refund this year? If you have debt (and, really, who doesn’t?), consider using your check from the IRS to do some serious good…for your credit score.
  • To Cancel or Not to Cancel Credit Cards
    Should you cancel your credit cards? The wrong decision could lower your credit score. Find out why it makes sense to hang on to your credit cards, even the ones you hardly use.