How to Get a Copy of Your Credit Report

There may not be anything more vital to your financial security than checking your credit report. The federal government mandates that the three credit reporting agencies provide everyone a free copy annually. Follow these tips to get a copy of your credit report.

Why you should monitor your credit report
Everyone should pull their credit report at least once a year. Even if you manage your money well and don’t suspect that you have any problems, monitoring your credit report is key to preventing identity theft or mistakes that could cost you a good interest rate or loan.

When to review your credit report
Monitor your credit at least once a year. Besides an annual check you should also check your credit if either of the following happens to you:
•You are turned down for a loan. If your application is rejected, by law you are allowed a free credit report from the credit agencies to find out why.
•You receive a suspicious bill or suspicious charge on your credit cards or through other means. This might be a sign that someone has stolen your identity.

How to get your credit report
Some companies offer to send you your credit report and your credit score in conjunction with credit protection programs. At AnnualCreditReport.com, you can check your credit report for free. You are allowed one free report from each of the three reporting agencies — Equifax, Experian and TransUnion.

Warnings
Only the credit report is free. Each credit agency also offers to sell you your “credit score,” which is the FICO score used by creditors to determine your financial trustworthiness and which interest rates and loans for which you qualify based on your credit history. Those are not included in the free credit report.
If you do choose to buy your credit score — which is helpful in determining what you need to do to improve your credit — also note that FICO is the most commonly used score among those who loan out money. The credit agencies now offer a separate credit score that is based on their own calculations but is not widely used by loan officers yet. That number might not be the one used to determine whether you qualify for a car loan, for instance.

For more information about credit reports, visit the Federal Trade Commission’s Web site, which has a variety of information about consumer rights, the dispute process and what citizens should know about their credit.