Online Credit Report

From LoveToKnow Online

Online credit reports provide a look at your financial history and let you see the same information potential lenders use to determine your financial future.

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Why Do You Need an Online Credit Report?

When it comes to financial information, it pays to be informed. The most important reason to check your credit report is to look for mistakes. Perhaps a credit card account you closed years ago is still listed as open, or in this age of identity theft, you may find an unexpected credit card in your name. Since each credit bureau creates its own credit reports, it's not unheard of to find inconsistencies between different reports. Even small errors can make a difference in credit score calculations. You don't want an unpleasant surprise when you decide to take out a loan or refinance your mortgage, so be proactive in checking your credit report yearly. A credit report is linked to a specific person, so if you're married, don't forget to consider reports for both you and your spouse.

Free Online Credit Report

American consumers are entitled to a free credit report every 12 months from Equifax, Experian and TransUnion. AnnualCreditReport.com is the official site for requesting credit reports from each of the three consumer credit reporting companies.

The Process

First, the site asks for your name, social security number, birthdate, address, and previous address if you've lived at your current address for less than two years. You must then select a credit reporting company. From there you are transferred to the chosen credit company site, and the experience will vary depending on which report you've chosen. At the very least, you will be asked to confirm private information about your account, so you may need to dig up information on previous addresses and account numbers. You can request all three reports at the same time to make comparisons, or you can spread your requests throughout the year to keep a closer eye on changes in your report. If you wish to receive more than one credit report, you must return to AnnualCreditReport.com each time. Overall, it's a relatively quick and simple process resulting in important financial knowledge.

The credit companies will likely try to convince you to buy other goods and services, but no purchase is necessary to receive your free online credit report. Note that your free credit report does not contain your credit score. If you want to see the actual credit score lenders will use to determine your credit-worthiness, you must purchase it from one of the three companies.

Words of Caution

You've probably noticed ads for companies not directly affiliated with Equifax, Experian and TransUnion offering free credit reports. Since you can request an online credit report directly from the credit agencies, there's really no need for a third-party company to request one for you, so what's in it for them? Most sites offering these free credit reports also provide some other financial service, and the fine print of the offer states that by receiving the credit report, you're agreeing to enroll in that program for a monthly fee. If you're truly interested in the service they're offering, the online credit report will be a bonus. Otherwise, you're in for an unpleasant surprise when they send the first bill.

Other companies are willing to offer you a free credit report in exchange for your valuable personal information. Be wary of offers arriving in spam emails or for sites that appear unprofessional. As with any online transaction, you should be careful when submitting your personal information. Make sure you only fill out forms on secure websites. Just look for the designation "https" before the URL. You can also look for outside certifications, such as the VeriSign logo, a company that verifies the security of online transactions. If a site looks suspicious, it's better to trust your instincts and walk away, especially with so many other credit report sources.


 


Comments

Claire, as long as you only request a free credit report from AnnualCreditReport.com, you shouldn't have to pay for anything else.

-- Contributed by: Lorie Witkop

I still don't trust this online method, and these companies try to gouge more money out of you before you get the report. If it's FREE, then quit trying to get money out of me!

-- Contributed by: Claire

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