Free Annual Credit Report

The average consumer used to have a hard time accessing their credit report and when they finally did get a hold of it, they were required to pay a fee. Credit reporting agencies were not required to give consumers their credit information and would charge a fee to do so and third party companies would also charge to provide consumers with there credit information. Added to this was the fact that the three credit reporting agencies, TransUnion, Equifax, and Experian all gave different credit ratings and had different information on their reports which made understanding your credit rating even more frustrating. Most consumers did not bother trying to get a copy of their report and although obtaining loans and credit depended on a person’s credit rating like today, other things such as insurance and employment did not. Most people would only find out their credit score from companies that ran their credit at the time of a loan or credit application, and even then many people did not ask and remained uninformed. It was not until 2003 that the three credit reporting agencies became required by law to provide consumers with a copy of their credit report for free on a yearly basis.

Free Instant Credit Report

Today consumers are entitled to one copy of their credit report from each credit reporting agency for free every year. Even though the government mandated that the credit reporting agencies give consumers their credit information, many are not aware that it is now free or they just do not take advantage of it. Because it is now free and easy to request your credit report, every consumer should take advantage of their free credit report to stay on top of the information contained in it. Many more things are affected by a person’s credit report today than they were even a few years ago such as insurance, employment, and obtaining a rental property. This is one of the reasons why it is important to take advantage of your free credit reports. Another factor to consider when debating whether or not to get a free copy of your credit report is that identity theft is on the rise. More and more people are finding errors and fraudulent activity on their credit report and if left unresolved these errors can cost innocent consumers their credit reputation and take years to correct.

Free instant credit reports do exist but there is only one place to go to get yours. There are many companies online that claim to provide instant access to your credit report, but third party companies will always require credit card information and then try to enroll you in some sort of program in order for you to get your credit report. There is one website, however, www.annualcreditreport.com which is sponsored by the three credit bureaus, where you can get a truly free instant credit report. All you have to do is give some basic information to confirm your identity and your credit report will instantly be available to view. You can request your credit report from one or all of the credit bureaus and keep track of the information contained on your credit report.