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How To Obtain A Free Credit Report
The information in your credit report has a
huge impact on whether or not you qualify for a mortgage loan and what interest
rate a lender will offer. Therefore, it’s important your credit report reflects
a positive image of the way you manage your money. If you're getting ready to
buy a home, checking your credit report is the best way to ensure you get the
loan and interest rate you deserve.
The easiest way to see what’s in your credit
report is to contact the three national credit reporting agencies – Equifax
www.equifax.com, Experian
www.experian.com and
TransUnion www.transunion.com -
and request a copy from each. That’s because the three agencies are independent
of each other and the information may differ on all three reports. In addition,
you may not know which agency your lender will use to check your credit, so it’s
best to verify that all three have correct information about your credit
history.
If you've been denied credit, insurance, or
employment because of information in your credit report from any of the three
agencies, you can obtain a free credit report by contacting the agency within 60
days of receiving a denial notice. In addition, you're entitled to a free copy
of your report each year when you certify in writing that (1) you're unemployed
and looking for a job within 60 days, (2) you're currently on welfare, or (3)
your report contains errors due to fraud. Otherwise, the agencies charge a fee
for a copy of your report.
For additional fees, each agency may offer you
different report variations, such as:
- A credit report with or without your credit
score.
- A three-in-one credit report that lets you
see a side-by-side comparison of records, from all three agencies, with or
without scores.
- Notification services when your credit
history is requested.
- Routine notification changes to your file.
- Subscriptions that allow you to access your
report on a regular basis.
New law promotes free access to credit reports
Soon you'll be able to get your credit report for free Getting regardless of
your employment or financial situation. A recent amendment to the federal Fair
Credit Reporting Act (FCRA) mandates that each agency provide you with a free
copy of your credit report, at your request, once every year, from
www.annualcreditreport.com.
Free reports will be phased in during a nine-month period, rolling from the West
Coast to the East beginning
December 1, 2004.
By
September 1, 2005,
free reports will be accessible to all consumers.
Here is a breakdown of eligibility for a free
credit report:
Beginning December 1, 2004 - Consumers in
Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New
Mexico, Oregon, Utah, Washington, and Wyoming
Beginning
March 1, 2005 -
Illinois,
Indiana,
Iowa,
Kansas,
Michigan,
Minnesota,
Missouri,
Nebraska,
North Dakota,
Ohio,
South Dakota, and
Wisconsin
Beginning
June 1, 2005 -
Alabama,
Arkansas,
Florida,
Georgia,
Kentucky,
Louisiana,
Mississippi,
Oklahoma,
South Carolina,
Tennessee, and
Texas
Beginning September 1, 2005 - Connecticut,
Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York,
North Carolina, Pennsylvania, Rhode Island, Vermont, Virginia, and West Virginia
– the District of Columbia, Puerto Rico, and all U.S. territories.
Whether you are thinking of buying a home or
simply curious about what’s in your credit report, it’s important to correct
any errors you discover as soon as possible. You don’t want errors in your
credit report affecting your eligibility for credit in the future.
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