Requesting a Credit Report

One of the best ways to combat identity theft is through the consistent monitoring of your credit report.  Over the years, your credit report was a closely-guarded secret of the 3 major credit reporting agencies (Experian, TransUnion, and Equifax).  You had to pay a fee to see your report and your rights were very limited as to what you could do about your report.  However, Congress recognized several years ago that this did nothing but perpetuate identity theft and even hinder an individual’s ability to establish good credit.  Today, you can request a credit report annually to monitor your history and ensure no one is establishing new accounts in your name or diverting old accounts to a different address.  It’s also helpful in contesting negative information on your report, identifying open and unused accounts, and ensuring that your payment history is accurately reflected.

However, many are unaware that you can capitalize on this opportunity even further.  As there are 3 credit reporting agencies, you can check all 3.  I have found that what is on your credit report is closely mirrored on the other 2.  To best protect your credit and identity, set up on your calendar to request a report from 1 of the 3 agencies every 4 months and rotate through each of the 3.  In other words, request a report from Experian in January, a report from TransUnion in May, a report from Equifax in September, and repeat every year.  This allows you to continuously monitor your credit for ANYTHING that might raise your suspicions.  Now, to be clear, your credit report does NOT contain your credit score, that is a score based on a proprietary formula to which you are not automatically entitled, but really does not help you in protecting your identity or credit anyway.

There are also other situations in which you may formally request your credit report without cost to you:

1. If you have been the victim of identity theft, you can request a report.   You truly need to avail yourself of this opportunity if you are or suspect you have been the victim of identity theft.  Be proactive in minimizing the damage!
2. You’ve ever been denied a job, a loan, or any other opportunity or benefit because of what is on your credit report.  This automatically qualifies you to review your credit report and contest any negative information.
3. If you are unemployed and actively seeking employment within the next 60 days, you can request a copy of your credit report.
4. If you file a fraud alert or credit freeze on your report.  I’ll be talking more about these options in the coming weeks and how they benefit you.  However, for this posting, just be aware that if you file either on your report, you are also entitled to a free credit report.

It is important to remember that these exceptions apply to all 3 of the credit-reporting agencies, so you can request the report from each one in these circumstances.

Good luck and BE PROACTIVE!!

Dorsey

Comments

[Elena Murka]

Simply knowing you can get your report free is barrier for many, especially in places like California, large populations don't speak English (and Spanish was spoken here LONG before English). The gov mandated annual credit report system is exclusively in English. How can this be fair for many Native Californians who only speak Spanish?

[Dorsey]

Elena,

The fact that a credit report is available free of charge to any US citizen is a big step forward for consumers in general. Making things available in other languages is beyond the scope of this discussion.

[Hubert Kay]

Could you please point us to the URLs where we can request these reports? Your posting would be much more actionable simply with these links included.

As you know, there is a huge number of phony "free credit report" sites, that end up charging you money for what you can rightfully get for free (and they collect your SSN to boot).

So, Dorsey, where do we request these reports?

[Dorsey]

Great idea, Hubert! I really should have thought of that. Visit www.annualcreditreport.com. I've used this site for years. They do require you enter your social security number, but it is a secure site and the number is required to make sure it is actually you requesting your credit report and not an identity thief.