Your credit report is one of the most important factors in your financial life. It contains a detailed history of your credit accounts, including the date the account was opened, the current balance, and the payment history for the account.
AnnualCreditReport.com
The Fair and Accurate Credit Transactions Act of 2003 (FACTA) made it possible to obtain a free credit report. Through FACTA, you can get a free copy of your credit report from each of the three major credit bureaus – Equifax, Experian, and TransUnion – once a year. You should take advantage of this ability by requesting your credit report and using it to monitor your credit history.
Note: You can get one free credit report each week from Equifax, TransUnion, and Experian until December 2023 at AnnualCreditReport.com.
Requesting Your Report
The Fair Credit Reporting Act (FCRA) gives you the right to obtain a free credit report under certain circumstances in addition to your annual free credit report. These circumstances include:
- Your application was denied due to information in your credit report. This includes credit, insurance, and employment applications. You have 60 days from the date you learned of the denial to request a free copy of your credit report. The company will send you a notice that includes the contact information for the credit bureau that provided the report used in the decision-making.
- You are unemployed and plan to start looking for a job within 60 days.
- You are on public assistance.
- You are a victim of identity theft and your credit report contains inaccurate information.
Individual State Laws
Some states have laws that allow you to obtain a free credit report in addition to the annual free report you are entitled to under federal law.
| State | Cost | Frequency |
|---|---|---|
| Colorado | Free, then $8 | Once a year |
| Georgia | Free, then $11.50 | Twice a year |
| Maine | Free, then $5 | Once every 12 months |
| Maryland | Free, then $5 | Once every 12 months |
| Massachusetts | Free, then $8 | Once a year |
| New Jersey | Free, then $8 | Once every 12 months |
| Puerto Rico | Free, then $11.50 | Once every 12 months |
| Vermont | Free, then $7.50 | Once every 12 months |
There are also some states that offer credit reports at reduced costs.
- California – $8
- Connecticut – $5 for the first credit report of the year, then $7.50
- Minnesota – $3 for the first credit report of the year, then $11.50
- Montana – $8.50
- U.S. Virgin Islands – $1
You should request your free FCRA-compliant credit report or your state’s free credit report directly from the credit bureaus: Equifax, Experian, or call 866-200-6020 for TransUnion.
No Subscription or Credit Card Required
Many websites now offer at least one free credit report. Check out these sites for a copy of your credit report:
- CreditKarma.com
- CreditSesame.com
- WalletHub.com
These sites do not require you to enter a credit card number or subscribe to a trial membership to get your free credit report.
Credit Education
Take some time to understand how credit works and how your credit scores will be affected by your actions – such as late payments and opening a new line of credit. The Fair Isaac Tools, creators of the FICO credit scoring model, provide several tools that can help you understand credit scores, including the free credit estimator and loan savings calculator.
Credit Monitoring
There are many companies – including CreditKarma and CreditSesame – that offer free credit monitoring services. Monitoring your credit score closely can be beneficial if you are actively working to improve your credit score or if you are concerned about identity theft.
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Sometimes, companies may offer you a year or several years of free credit monitoring when your credit information is compromised due to a breach of their data storage system.
Beware of Some Offers
Warning about websites that offer free or discounted credit reports but require you to enter your credit card number to sign up for a free trial subscription. These websites typically enroll you in a trial subscription for credit monitoring services and start charging you monthly fees if you do not cancel before the trial period ends.
Source: https://www.thebalancemoney.com/how-to-get-a-free-credit-report-from-the-credit-bureaus-960454
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