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Free Annual Credit Report

Free Credit Report: Government Rules that Help You

Identity theft and other credit reporting problems are real, and are not going away any time soon. In fact, contrary to our efforts to prevent it, identity theft is on the rise. Fortunately, the Government has put several rules in place that helps you prevent identity theft and stay on top of your finances.

The rules that we are talking about are those set forth by the FACTA (Fair and Accurate Credit Transactions Act) and the FCRA (Fair Credit Reporting Act). Both of these sets of laws require that each of the three major credit reporting bureaus provide each consumer with one free yearly credit report. The three main credit bureaus are: Experian, Equifax and TransUnion.

The credit bureaus listed above are required to make it easy and free for you to obtain information contained on your credit report. Please Note: The credit bureaus are not required to give out your credit score for free. If you want to order your score in addition to your free report, most are charging about $5.95.

When you order your free annual credit report, remember that they are saved online for your access for only 30 days—make sure you download or print a copy if you order them online. There are three simple ways for you to order your free annual credit report:

• Get them online at AnnualCreditReport.com
• Order them by phone by calling (877) 322-8228
• Order them by mail by completing the Annual Credit Report Request Form and mailing it to: Annual Credit Report Request Service     P.O. Box 105281     Atlanta, GA 30348-5281.

When you order, you need to provide your name, address, social security number, and date of birth. To verify your identity, you may need to answer a few questions, like the amount of your monthly mortgage payment (otherwise known as “out of wallet” information—information that only you would know).

All three bureaus are required to give you one free credit report each year by the government. The reports contain all information that is kept on file by credit reporting agencies. However, the report does not include your annual credit score. You can request this for a nominal fee.

The government also requires agencies to give you a free credit report if you meet any of the following criteria:

• If you apply for credit and are denied.
• If a company or organization takes adverse action against you because of information found on your credit report.
• If you’re unemployed and plan to look for a job.
• If you are on welfare.
• If your report is inaccurate because of fraud or identity theft.

Keep in mind that there may be time limits on these requests. If you do not ask for a free credit report within a certain window, you may be charged for a report. At any other time you can get a report for a small fee of up to $10.50. You can also obtain your annual credit score for a small price. This price usually ranges between $5 and $7.