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About those free credit reports for your annual review
Looking to track your credit score so you’re informed before applying for a mortgage? Remember, you’re entitled to three free credit reports every year.
Free? Yes, free! Each of the three nationwide consumer reporting agencies (CRAs) — Equifax, Experian and TransUnion — are required to deliver a free credit report every 12 months at your request. Simply ask and you receive.
What’s in a credit report? Your credit report contains the data the agency uses to set your credit score — not the score itself. This information is made available to clients of the credit agencies, such as lenders, insurers, landlords and employers, who look into your credit history to determine what decision to make on an application submitted to them. Here’s what these creditors see:
- how often you make on-time payments;
- your credit card balances and available credit;
- your liens, judgments, bankruptcies and foreclosures; and
- credit inquiries made about you.
How can you use the credit report? Protect your financial future with these steps:
- obtain a report and address any negative history or errors before applying for a loan;
- stagger your requests by collecting a report from one of the three CRAs every four months to keep current on your creditworthiness; and
- protect against identity theft by verifying the information in your report.
How do I obtain a credit report? Visit the federally approved website AnnualCreditReport.com or call (877) 322-8228 to get started. Your credit report is delivered immediately after you submit your online application or in two weeks when your request is by phone. All you need is your name, address, social security number and date of birth. The entire process takes less than five minutes to complete.
Other sources of free credit information: Companies sandwich themselves into the application process for a free credit report you can easily request directly from the agencies. In doing so, these companies impose monthly charges to get you the initial “free” trial. Do not sign up with any of them to obtain a credit report you can easily get yourself. Additionally, when you want to check your credit score, many credit card companies provide the information free of charge.
Looking to set credit goals before buying and want to know more ways to prepare? Give me a call today to set up an appointment!
