Which Credit Report Is Best To Use?

This really depends on how you want to use the report. At the moment the three credit collection agencies TransUnion, Equifax, Experian produce their own credit report on consumers. Although, the aim of each report is the same, which is to enable creditors to predict whether a person has the ability to pay back the money they want to borrow, the contents can be slightly different.

As each credit report is different it is advisable to get all three. This is because each report could be telling you and the banks a completely different story about your finances and how you handle them. Having 3 credit reports will enable you compare each one and identify any differences or negative entries. In this way you will have a clearer idea of your true credit worth and what you need to improve it.

Obtaining Credit Reports From The Three Credit Reporting Agencies

To get a copy of your report you can request one directly from each credit reporting agency. The version provided by Equifax is considered to have a layout that is the easiest to read and understand. If you have not seen a credit report before then, the Equifax version is a good one start of with.

The Experian version is considered to have more in depth information compared to TransUnion and Equifax. Their report is split into separate categories relating to your personal profile, credit summary, type of accounts, monthly payments, public notices and enquiries.

The TransUnion version displays its financial information in a similar style however, it is not as in depth.

Experian

Each of the credit collection agencies have their own dedicated website where you can go online and download a copy of your report. In order, for you to receive your Experian copy you usually have to sign up for a 7-day trial membership of their services.

This means that you will have to input your personal and credit card details. If you do not cancel your trial membership within 7 days then you will be billed $14.95 for their credit report monitoring services.

Equifax

Equifax offer a 3 in 1 credit report product with add-on services. This is called their Equifax Complete Advantage Plan. This includes identity theft insurance, email and mobile alerts and an online dispute facility. This package is their cheapest which is $16.95 a month. Unlike Experian they are currently not providing a free trial.

Equifax also offer one off payment products. Their 3 and 1 credit report will give you a report from each bureau for a one-off payment of $29.95.

TransUnion

TransUnion also offer a 7 day trial which includes a free credit score, debt analysis, ID risk assessment and your own personal ID theft manager. After the free trial this service will cost you $4.95 a month.

To receive your credit report from all 3 agencies you will have to pay a one-off fee of $29.95.

How To Get My Free Credit Report

Although each of the credit agencies provide useful paid services you need to think through whether you actually need them and this will depend on your situation. If you only want to check your 3 credit reports there is a way that you can do this free of charge.

With Experian and TransUnion sign up for their free trial. You will have to fill out a personal identify form with your credit card details. Your card will not be billed yet. When you download your reports cancel your trial subscription.

The best way to cancel is to ring them up and you can find their phone number on their website. Make sure you verify this by taking note of the time and date of the call and the name of the person you spoke to. This will help you if there are any disputes.

There is also another way. In 2003 the The Fair Trading Act was passed and give each individual the right to receive a copy of their report from each credit report monitoring agency every year if they have been denied credit within the previous 60 days. In accordance with this act the FTC set up a dedicated website where people can download them free of charge. The websites address is www.annualcreditreport.com.

There are several other online firms such as free credit report who provide 3 and 1 credit reporting services. They also offer a range of various credit score and report products. Many offer 7 day trials which you can cancel and obtain your report for free.

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