How To Get Credit Reports From All Three Bureaus For Free
The credit report is an important financial document that should be checked by anyone who uses or is planning on using credit. In this article you will learn 3 ways to obtain credit reports from all three bureaus which is the first step to helping you take control of your financial future.
Your Right Under The Fair Credit Reporting Act
Under federal law the Fair Credit Reporting Act gives consumers the right to request a credit report from all three bureaus each year. For example, if you have recently applied for a loan or mortgage and your application was denied then, you can request your free annual credit report. In many cases your credit report will be issued by the credit reporting agency that provided your report to the lender or bank that refused your loan application.
3 Ways To Get Your Free Credit Reports From All Three Bureaus
If you have been denied credit in the last 60 day you can obtain a free annual credit report from government via telephone, mail or online.
1. Online
Online is the easiest and most convenient way of obtaining your report. The Federal Trade Commission (FTC) has set up an official site called the annualcreditreport.com. This is a secure site and to receive your reports you will need to fill out a personal information form that will ask you to provide the following details:
- Name
- Date of birth
- Social security number
- Most recent address
- Previous address
This is information is to determine your identity and is required to locate your credit report. It is important to point out that the sites privacy policy states that they may disclose the information collected from you to any of the consumer credit reporting bureaus.
2. Phone
If you prefer not to order your report on line then you can ring the following toll free phone number: 1-877-322-8228
3. Mail
If you prefer good old mail then all you need to do is click on the link below and download the form.
https://int.annualcreditreport.com/cra/order?mail
When you have filled out the form you can send it to the following address:
Annual Credit Report Request Service
PO Box 105281
Atlanta, GA 30348-5281
Using this method will take the longest time to receive your reports. In general you should expect to receive them in 15 to 20 days.
Who Are The 3 Credit Reporting Agencies
There are three major credit bureaus that produce a credit file disclosure (credit report) on each consumer that uses credit. The 3 creditor monitoring agencies are called
Their role is to collect financial information on consumers that include their payment history and the amount of debt they have. This information is available to institutions such as banks, insurance companies, landlords, utility operators and even employers upon request.
When you apply for a loan or credit card lenders will request a copy of your credit report from each bureau. They will use the financial information contained within your report to determine your credit risk and your future potential to repay the loan that you are requesting to borrow.
3-in-1 Credit Report - Making Your Life Easier
As there are 3 separate collection agencies the financial information contained within each report can vary. It is also important to point out that the collection agencies use different credit score scales to calculate your score. This can also mean your score can vary between each agency. For someone who is not use to reading a credit report this information can be quite difficult to understand. However, there are companies on-line that provide a three in one credit report service.
With these services you can quickly see how your credit rating looks across each of the 3 separate agencies at one glance. As well as the convenience of having 3 credit reports combined they can enable you to spot any discrepancies. There have been many occasions where bureau's have recorded outdated and incorrect details. It is very important that these details are kept up to date as they may have the potential to lower your credit score.
Another benefit of checking your credit report is for identity theft protection. Although banks are becoming more effective at spotting credit card scams there are instances where criminals can fraudulently use a persons card for several weeks. That is why it is important to check your credit card activity against the details in your report. If you discover any suspicious transactions notify the credit bureau and your bank immediately.
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