Free Credit Reports - Are they for Real?

You can get free credit report. In fact, under the Fair Credit Reporting Act (FCRA), you are entitled to a free report annually from any one of the three agencies that may have a report on you. Note, that is from one of them, not all three.

To get your free credit report there is paperwork that you must fill out and send in. That is to verify that you are you. It is for your own protection, even though it can be a hassle. You wouldn't want someone else pretending they are you and getting their hands on your report. You can believe that identity thieves try to do just that. Why? Because your report contains all your personal information. On it is your Social Security number, your address and maybe your phone number. It also will show your previous addresses, your employers past and present and who you bank with. It will have your spouse's name on it and who you have credit cards through as well as your spending limits. In essence it has everything another person would need to know to pretend they are you except maybe your signature.

Any one of the three credit reporting agencies, Experian, Equifax or Trans Union has the form posted on their websites for a free credit report. You can download it, print it out, and hand carry it to one of their locations or mail it to them. If you do mail it, consider getting it tracked. If you do not receive your report within 30 days, contact them. You want to make sure they got your request and it is safely in their hands.

There are programs that offer you a free credit report, and sometimes all three, if you sign up with their program. It may be a counseling service, a credit monitoring service or an investment service. So it does end up costing you something- the membership fee. Still it may very well be worth the cost for your own peace of mind.

When you do get your report, take the time to sit down and review it very carefully. Make sure each transaction is one you made and not someone else. Make sure it is up to date. If you made a payment more than 30 days prior and it is not on the report, contact the company you made the payment with to make sure they will report it.

Next, check and see who has also asked to see your report. Your landlord, potential or current employer, your bank, your mortgage company, or someone for whom you have applied to get a loan can all have access to your reports. If there is any company or individual on there that did not have your permission, contact the reporting agency immediately. That very well may be a sign someone was trying to use your name and history to obtain credit.

Just remember, what is on one free credit report may not be on the other two. You need to examine your reports from all three reporting agencies on a regular basis. Even if you cannot get all three for free, you need to get them all on an annual basis at least.