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Buying a copy of your credit report isn’t necessary
You can often receive a copy of your credit report for free
The three main credit bureaus spend a lot of money on advertising, pointing out that they can sell you a copy of your credit report for a relatively low fee. That’s true, and in some cases, necessary. Most of the time, however, you can obtain a copy of your credit report for free, and it is easier than you may realize.
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Free credit reports are available to everyone up to three times a year
The three major credit bureaus, Experian, Trans Union and Equifax often advertise that they can sell you a copy of your credit report for a nominal fee. And the fees are small; they are typically no more than $10 for a single copy. For many consumers, that may seem like a reasonable price to get a look at the financial information that creditors and lenders use to decide if you are worthy of a loan. But is it necessary to pay even that much for a copy of your report? Not necessarily.
There are several circumstances under which you may receive a copy of your credit report for free. Not just once, either. You can receive a copy of your credit report for free, up to three times per year if you go about it correctly.
For many years, it was relatively difficult for consumers to see their financial information. Congress recently made some changes that make it much easier.
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Here are some of the situations that might make it possible to see your credit history for free:
- Annualcreditreport.com - This Website was established through an act of Congress for consumers to obtain a copy of their report for free, once a year. The law that makes this possible actually permits consumers to obtain one report per year per credit bureau. That means that savvy consumers can go to the site three times per year and request a report from a different bureau each time. If you space them out carefully, you can see a copy every four months or so.
- Been denied credit? If you have applied for credit and have been turned down within the last 30 days, you can obtain a copy of your report directly from the credit bureau that provided information to the lender for free under Federal law. If you have been turned down, you are entitled to see why. All you must do is provide them with a copy of the document that denied you credit and they must provide you with a copy of your report.
- You may be entitled to a copy of a report if you feel that you may be a victim of fraud or identity theft. If so, explain your situation to one of the credit bureaus and they will let you know if you are entitled to a copy.
Your report will contain all sorts of information regarding your loans, mortgages, bankruptcies, financial judgments and more. It will indicate if you have paid on time or if you have paid late, and if so, to whom and when. What it will not show is your credit score. Your score is a separate matter and the law that requires the bureaus to make the reports available to you does not require that they provide you with your scores. If you need that, you will, unfortunately, have to pay for it.
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