Free Credit Reports - Are They Really FREE?

Ordering Your Free Credit Reports

One of the best ways to protect yourself from identity theft is to monitor your credit history through a Credit Report.  You should check your Credit Report at least once a year.  The sooner you discover a case of Identity Theft, the easier it is to clear up.

Now you can get copies of your Credit Reports for free.
An amendment to the federal Fair Credit Reporting Act requires each of the three major Nationwide Consumer Reporting Companies to provide you with a free copy of your credit report, at your request, once every 12 months.

So why does everyone on the web charge you $30 or more for a credit report? 
Because, there is only one company through which you can get your credit report for free. 
Annual Credit Report Request Service.  If you don't go through them, then you will have to pay.

There are three ways to get your FREE Credit Reports:

1. On the web go to www.annualcreditreport.com
2. You can call Annual Credit Report Request Service toll-free at 877-322-8228 to request your reports.
3. Or you can complete the Annual Credit Report Request Form:
   http://www.ftc.gov/bcp/edu/resources/docs/fact_act_request_form.pdf
   and mail it to:
   
   Annual Credit Report Request Service
   P.O. Box 105281
   Atlanta, GA 30348-5281

You can request all three reports at once, or spread out your requests and order from a different bureau every four months.

Additionally, you can get free reports from Specialty Credit Bureaus. These companies prepare reports on your insurance claims, employment, rental and other histories.

Do not contact the three nationwide consumer reporting companies directly, they only provide free annual credit reports through the Annual Credit Report Request Service.

You May Not Have To Buy A Credit Report

Under federal law, you are entitled to a free report for a couple of situations.  Otherwise, a consumer reporting company may charge you up to $9.50 for copies of your report.

1. If a company takes adverse action against you, such as you apply for credit and they deny your application, or they deny an application for insurance or employment.  In this case, if you request your credit report within 60 days of receiving the notice of the action, then you are entitled to a free report.
   
   Listed on the notice, will be the name, address, and phone number of the consumer reporting company that supplied the information about you. 
2. Also, if you are unemployed and plan to look for a job within 60 days, you are entitled to one free report a year.
3. If you are on welfare
4. If your report is inaccurate because of fraud.

If you do not meet one of these conditions and you want to buy a copy of your credit report, then contact one of the three
Nationwide Consumer Credit Reporting Agencies, directly.  They are also called Credit Bureaus:

• Equifax: 800-685-1111; www.equifax.com
• Experian: 888-EXPERIAN (888-397-3742); www.experian.com
• TransUnion: 800-916-8800; www.transunion.com

Be Your Own Credit Monitoring Service

You can request reports from all three National Consumer Reporting Companies or stagger them over time.  By staggering them over one year, you could be your own "No-Cost" Credit Monitoring Service.

Simply order a Free Report from just one of the credit bureaus, then after four months, order the report from a second bureau, and then after another four months, order the report from the third bureau.  Keep in mind, that not all creditors provide information to all of the bureaus, so having one report won't necessarily give you a total picture a a point in time.

You can pay the Credit Bureaus to monitor your credit information and that will cost you from $40 to over $100 for a year.

Additional Resources

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