A Free Credit Report, With or Without Strings

Here's great news for consumers wanting to stay ahead of credit report problems: you can get a free credit report directly from each national bureau, just for asking.

There are several circumstances that qualify, including suspected fraud, being unemployed or on public assistance, or being denied credit by any lender that used your credit report in the decision.

Even better, by September of 2005, each credit bureau will give you a free credit report without a credit card, once per year, just for asking due to FACTA, a new amendment to the federal Fair Credit Reporting Act (FCRA). The bureaus (Equifax, TransUnion & Experian) will phase in this service and Western states are first in line starting December, 2004. For more information visit the website of each national credit bureau or www.annualcreditreport.com.

If you want a free credit report before the nationwide FACTA rollout, and the circumstances above do not apply, you're in luck. All over the Internet, companies are happy to give you this freebie for trying their ongoing credit monitoring services. 30-day trial offers abound and they virtually all include a free credit report.

Does one free credit report tell all?

This free credit report reveals the contents of one bureau's file on you. As you probably know, there are three national credit bureaus-Experian, Equifax and TransUnion. Each credit bureau reveals different information on their credit reports. Differences can be slight to dramatic. That's because not every lender or creditor reports information to all three bureaus. The larger ones do, but smaller accounts may report only regionally, or based on some other preference, but still impact your report & scores.

Plus, a free fico score isn't usually included. So while a free credit report from one bureau is a helpful start, you may not get a true read on your credit status unless you get a 3 in 1 credit report listing data from all the bureaus, along with your credit scores from each.
3 in 1's are not free! They typically cost anywhere from $25 to $40, and scores are an additional charge if not included. But there's no better way to see exactly what your lenders see, especially important ones like mortgage lenders.

To go ahead with the free online credit report & monitoring service, you'll complete an application and provide a credit card number. Upon submission and approval, your electronic credit report will be delivered onscreen for review. Some companies will mail the report but this is harder to find. Because of your new membership subscription, you'll get a login & password for access to return to the site for later review. If you cancel the subscription, be sure to log in before doing so to print a copy of the report for your records.

The company may send you updates whenever your credit report has entries added or changed if you stay with the monitoring service. But be forewarned. Getting updated copies of your credit report depends on the terms you agreed to in the beginning. Many vendors offer a fixed number of credit reports per year, and the first one you receive counts.

Consider the whys behind your desire to get a free credit report, and you'll know more clearly which option fits you best. The recent FACTA legislation is sure to make your quest for a free credit report easier!