Credit Report by Government Mandate – How to View Your Annual Free

The FCRA- Fair Credit Reporting Act states that United States consumers are entitled by law to request a free credit report each and every year, by all three of the major credit reporting agencies. The goal is to try and eliminate the occurrence of identity theft, or at least minimize it. Basically it boils down to allowing consumers to see what is put on their credit report once a year in order to dispute anything that may be incorrect or fraudulent, as early as possible. Without the ability to request a free annual credit report, it could be a long time before a consumer would become aware that someone else has been using his/her identity.

Free Credit Report Now Mandatory Across the Nation

In years past consumers were not automatically entitled to view their credit report. There were some mandates at state level that allowed specific consumers who lived within those states to receive a free annual credit report. However, recently those laws have become nationwide and the government has mandated that all people in the US may not request a free credit report once a year.

How To Obtain a Free Annual Credit Report

There are three major credit reporting agencies. These are often referred to as the “Big Three” in financial circles. These agencies are Equifax, Experian and TransUnion.  You can get your free credit report from each of these agencies by applying for them separately at each website or you may go to one website and request your 3 in one report. A three in one simply means that you will get all three reports from all three agencies at the same time. It is important to get all three reports as each may vary. For example, something that is not listed on one report may show up on another, and vice versa.

If You Are Turned Down For Credit

Another way to get a free credit report, aside from your entitlement to one free annual credit report each year is to request one after being denied a line of credit. Typically what happens is that you will receive a letter from whatever agency turned your credit down and it will give you instructions on how you may ask for a copy of your credit report. In some cases the letter will tell you that information found from one of the three agencies is the item that played a role in your being denied. This entitles you to an explanation and a free credit report. This can occur at anytime throughout the year and is not only available to you once.

The thing to remember about free credit reports is that your score is not usually contained in them unless you pay an additional fee. Without knowing what your true FICO score is, it will be difficult to understand what your overall credit score is. Be sure to ask about your FICO score when requesting your free annual credit report.