How to Acquire a Copy of Your Credit Report

By Susan M. Keenan

What is a credit report or history?

Credit reports, also known as credit histories, contain details of an individual's current and past financial history. The information is collected and used to calculate a credit score, using a specific formula and the collected information.

Lots of information is used to compile a credit report. The information includes:

• The number of recent credit inquiries made by other companies
• The type of credit accounts the individual holds (major credit company cards and store cards)
• The length of time the consumer has held each of the credit accounts
• The manner in which the consumer makes his or her payments - on time or late
• The current level of debt of the consumer
• Defaults
• Foreclosures
• Bankruptcies
• Employment history

Who can acquire a copy of my credit report?

Financial lenders, credit card companies, and prospective employers can access your credit report. The information included in the report is used to determine whether they will loan you money, extend you credit, or hire you. The higher the credit score is, the lower the risk associated with giving an individual a loan or credit.

Why should I get a copy of my credit report?

Credit reports and the information they contain influence the financial aspect of consumers' lives. Included within these reports is every detail relating to an individual's financial history. Additionally, any legal difficulties they have had, including arrests, convictions, and lawsuits will appear in the reports. Acquire a copy of your credit report and review it to verify the information on it.

Who creates the credit reports?

Numerous credit bureaus compile credit reports on consumers. Each of these companies collects multiple financial and legal facts. Some companies are smaller and cover a more limited area, while others are quite extensive in their reach.

The three major credit bureaus, Equifax, Experian, and TransUnion, operate throughout the United States and have an extensive database of credit reports on the nation's consumers.

How do I get a copy of my credit report?

You can get a copy of your credit report by contacting one of the multiple companies that advertise them. You will be charged a fee, although many of the companies will give first time users a free copy of their credit report. However, you might have to sign up to receive additional reports throughout the year.

You will have to complete a simple form with basic information, including your full name, complete address, and social security number.

How can I get a free copy of my credit report?

The Fair Credit Reporting Act, or FCRA, allows consumers to obtain one free report from each one of the three major credit bureaus once each year. That equals three free reports a year.

You can acquire a copy of your credit report free by contacting any one of the three major credit bureaus, Equifax, TransUnion, or Experian, by phone, online, or by mail. To obtain your free copy of your credit report online, visit the website of one of the three companies.

To obtain a free copy by phone, call this toll free number: 1-877-322-8228 and select the bureau from which you are going to request your copy.

To obtain your free copy by mail, send a request with your name and address to the following:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, Georgia 30348-5281

Tips to Remember

• Don’t request all three free credit reports at the same time.
• Stagger your requests throughout the year.
• Include the name of the credit bureau from which you are requesting your credit report with your request.
• Practice good spending habits.

© Doityourself.com 2006