Free Credit Report

Q: Where can I go to receive a free credit report?
A: Free credit reports are now available through the Internet at www.annualcreditreport.com. Recent changes to the Fair Credit Reporting Act provide for one free credit report per year from each of the three nationwide consumer credit reporting companies. This free credit file can be requested through this website, by phone, or by mail. Congress implemented the change as a way to combat increasing identity theft. By reviewing credit reports, consumers should be able to spot any suspicious activity such as credit cards they never requested. You have the option of ordering all three reports simultaneously and compare the reports or order from only one company today and order from the other two companies at later dates. In this way you can track changes or new information during the year.

These recent changes also guarantee consumers access to their credit scores at a reasonable fee. A credit score is a complex mathematical model that evaluates many types of information in a credit file. It is used by lenders to help determine whether a person qualifies for a particular credit card, loan, or service. The price for your credit score will range from $4 to $7 depending on the credit bureau. The three major credit reporting firms are Equifax (www.equifax.com), Experian (www.experian.com) and Trans Union (www.transunion.com). You can purchase a credit score by contacting one of these consumer credit companies or purchase a credit score when you request your free annual credit report through www.annualcreditreport.com. Generally, the higher the score, the less risk the person represents to a lender.