Know Your Credit Score - Your Right to a Free Credit Report
Having a good score on your credit report has many financial benefits such as higher credit availability and loans at better interest rates. This can be a huge advantage over time. However, even if you are prudent in your spending habits, a good credit score is not guaranteed. Instead you must be diligent to protect your good name by taking proactive measures.
Request Your Free Annual Credit Report
Under the Fair and Accurate Credit Transaction Act, each of the national credit bureaus - Experian, Equifax, and TransUnion, must give you a free copy of your credit report every year - provided you ask for it. To get one, you just need to provide your name, address, social security number, and date of birth. If you have moved within the last two years you will also have to provide your previous address.
Other Qualifying Circumstances for a Free Credit Report
You can also request a free credit report in these situations:
- If you have been denied credit, a loan, insurance or employment within the last 60 days
- If you are unemployed and plan to look for work within 60 days.
- If you are on welfare
- If you suspect your report is inaccurate due to fraud or identity theft
The Bottom Line
You have a right to know what is in your credit report. Exercise your right to view that information at least once a year. It will include a list of everyone who has requested your report within the past year, or two years if the requests were employment related. Additional information collected includes home ownership, income, creditors, payment history, and outstanding balances. Bankruptcies, foreclosures, or tax liens could also appear in your report.
To make it easier for consumers to obtain their free annual credit report, the three national credit bureaus have established one centralized website from which you can obtain all three of their reports. Annualcreditreport.com is the only authorized source for free credit reports. Any other offers will probably end up costing you more. You are entitled to one free copy from each of the credit bureaus annually, which you can choose to request all at once, or at different times.
With all the personal information floating around about you and your finances, it's up to you to keep tabs on it to ensure it's accurate and up-to-date. The best way to do this is to make it a habit of conducting a credit check-up at least once a year and reporting any mistakes or omissions you find to the credit bureaus in writing. Ask that an updated copy be sent to anyone who viewed it within the last six months. Arm yourself with the tools and knowledge you need to ensure your credit score is based on timely and accurate information. Your financial future could depend on it.
Questions and Answers
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Your credit score is included on most credit reports viewed by creditors and potential creditors. It is essentially a numerical calculation that indicates your creditworthiness and the risk you might default on your payments.
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