How to Get Your Credit Report

It's a really good idea to check your credit reports from all three bureaus 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. There are two main ways to access your reports:

Option 1: The Fair and Accurate Credit Transactions Act (FACTA) of 2003 entitles you to a free annual credit report from each bureau. You can choose to get all three reports at once, or stagger them out individually over the course of the year. To get your free reports, visit the official federally operated website www.AnnualCreditReport.com or call 1-877-322-8228. You can also mail your request, though be sure to download the request form online first:

Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281

• Pros:  It's free. Multiple delivery options (mail, internet, phone). Expect an up sell for other services. Any dispute made to a free report will take 45 days to resolve, instead of 30.  
• Cons:  Does not include your credit scores. Reports are only accessible once a year. No credit monitoring services.

Option 2: If you are looking for continuous access to your latest credit reports, as well as credit scores and monitoring services, there are a host of companies that offer these for a monthly fee. Type in "credit report and score" into a search engine (like Google) to find offers for credit reporting services. Experian, TransUnion, and Equifax also offer credit monitoring services and credit scores (visit their websites to learn more). Here are the advantages and disadvantages to signing up for a credit monitoring service:

• Pros:  Instant, convenient, and continuous online access to your latest reports and scores from all three bureaus. Many of these services come with a free trial so you can test out the product without being charged. If you cancel before the trial ends you'll avoid credit card charges and will have received your credit reports and scores for free.
• Cons:  There is usually a monthly or annual fee for credit monitoring if you decide to stay enrolled or forget to cancel before the free trial ends. But credit monitoring can be very worthwhile because it provides continuous access to your credit reports and scores and alerts you to important new activity that may occur to your credit.  

No matter which option you choose, the important thing is to obtain your credit report as soon as you can--especially if you are considering applying for a new loan or credit card. See where you stand from a credit point of view, and make sure your report doesn't contain signs of identity fraud.