Free Credit Reports - You Are Entitled To Them

As at December 1, 2004, you became eligible to free credit reports from the three main credit bureaus in the United States. This is made possible by the Fear and Accurate Credit Transaction Act that was passed in late 2003.

The city's largest credit reporting agencies, namely Equifax, Transunion and Experian, have set up a single dedicated site where consumers can go to request, view, and print the free credit report.  The URL of this website is http://www.annualcreditreport.com. Persons without internet access can access their information by calling toll-free at 877-322-8228 or they write to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. 

It is strongly recommended that you review your personal credit report periodically for accuracy and to be able to identify early any potential problems. Knowing what your credit score is well in advance of making a major investment can save you some un-necessary worry and speed up your credit application process. 

The federal Fair Credit Reporting Act (FCRA) requires each of the three major credit bureaus to provide you with free credit reports, at your request, once every 12 months.  This means that you can be eligible to 3 credit reports every 12 months.  Make full use of it! It is important! 

Your free credit reports contain vital information such as where you live, your bill paying history, and whether you've been sued, arrested, or filed for bankruptcy. The three major credit bureaus sell the information in your credit report to third parties requesting this information such as creditors, insurers, employers, and other businesses.  It is used to evaluate your applications for credit, insurance, employment, or renting a home.  So this information paints a picture of who you are.  You owe it to yourself to ensure that the picture painted is accurate.  I know of someone who was turned down from a major job because of information in their personal credit report.  Know your credit report. 

Now, under what circumstances are you entitled to a free credit report? – Well according to federal law, you are entitled to it if you are denied application for credit, insurance, or refused employment on the basis of your credit report.  In such a case, you should ask for your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the credit reporting company. You are also entitled to a free report a year if you're unemployed and plan to look for a job within 60 days; if you're on welfare; or if your report is inaccurate because of fraud, including identity theft.  Outside of this, the credit bureau may charge you up to $9 for another copy of your report within a 12-month period.