Free Credit Report

You can obtain a FREE Credit Report from Equifax, Experian, and Trans Union by completing and mailing the Annual Credit Report Request Form to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. This form can be printed from www.ftc.gov/credit There is also a toll free telephone number to call to request a copy of your free credit report: 1-877-322-8228. You will need to provide the following information to get your free credit reports: Your Social Security number, your name and address including your previous address if you have moved in the past two years, your date of birth, as well as some other information that only you would know such as the amount of your monthly mortgage payment.

If you request a copy of your free credit report online, you will be able to obtain it right away. If you call in or mail your request with the Annual Credit Report Request Form, your request will be processed and mailed to you within 15 business days after its receipt. This time period may take longer if the nationwide consumer reporting company needs more information to confirm your identity. If there happens to be an abnormally high volume of requests for free credit reports at the time you request yours, you will be notified that your report will be mailed to you sometime after 15 days of receipt.

To purchase a copy of your credit report, you may call the consumer reporting companies direct with the following telephone numbers:

Equifax: 1-800-685-1111 Experian: 1-888-EXPERIAN (1-888-397-3742) Trans Union: 1-800-916-8800

The cost to buy a copy of your credit report is generally $9.50 or less for each agency.

Each nationwide consumer reporting company gets information from different sources so the information contained in any one report may not be the same. The information may not reflect all of your credit info so requesting a free copy of your credit report from all three major agencies is the best way to get the full story of your credit.

This article was written by Kriss Standke who is an accomplished Webmaster and publisher of Free Credit Report Spot, Credit Score Resource, and Check Credit Report Online where he provides detailed and informative articles, tips, and advice on free credit reports, how to get yours, and what to do with the information once you receive it.

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Yes, you can now get your credit report without paying a dime. And unlike before, now it is truly free. No longer do you have to sign up for a “free” credit report by signing up for “credit monitoring protection service” for a low annual fee of $79 a year! The days of dodging the annoying charges and service fees for a free credit report are over.

Under the 2003 Fair and Accurate Credit Transactions Act, you have the right to a free copy of your credit report within a 12 month period from the big three credit report bureaus (Experian, Equifax and TransUnion). The goal of this new government act is to ensure that Americans have the right to stay informed about what these three credit reporting bureaus say about you without having to pay for it. Since identity theft, fraud and errors are quite common today, why should you have to pay for a copy of a report to fight back against these problems?

Here are the 3 ways to get your free annual credit report:

1) The three credit reporting agencies have created a website to request your annual credit report. Go to www.annualcreditreport.com to request your free report.

2) Call (877) 322-8228 to request your free credit report.

3) Complete a form from the Federal Trade Comission, http://www.ftc.gov/bcp/conline/include/requestformfinal.pdf and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

If you go directly to the three agencies or use any other type of service you may end up having to pay or sign up for the subscription services I mentioned above! Make sure you use one of the 3 methods I have listed to get your annual free credit report.

You can get the reports from all 3 agencies at once or stagger the reports from each one during the course of 1 year. The advantage of staggering the reports that you receive is to keep track of how any major changes in your financial picture affect what is on your credit report. For example, if you plan on getting a second mortgage over the coming year, or applying for student loans, ect. it might be wise to get a report before and after these major events!

This new Act does not supplant the other methods you can take advantage of to receive a free credit report. If you are applying for unemployment or been denied a loan, or need a credit report in order to get a job, you still have the right to obtain a free credit report.

Take advantage of this new government regulation and make sure all of the information listed by all three credit reporting agencies are correct. Any errors or omissions can reduce your credit score and end up costing you a lot of money when you apply for any type of credit.

Greg Quincy is the publisher of the website http://www.financialtipsforyou.com, offering his insights and personal finance budget tips that he has gained from working in the financial industry and the economic challenges of raising a family. Copyright © 2005 FinancialTipsForYou

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My FICO score is less than perfect - what can I do?

In my first lesson, “Free Credit Report - Why You Need One!”, we discussed why your FICO (Fair, Isaac; named for the company that created it) score is so important to your credit rating. This number indicates to your lender how trustworthy you are to re-pay your loan and directly translates into how much interest you will be charged on your next loan. FICO scores can vary from 300 to 850. It’s very credit savvy for you to pay the $10 fee to any of the 3 major credit bureaus and receive your FICO score.

After you have received your free credit report ( Free Credit Report - Why You Need One ), go over it very carefully and check for any inaccuracies.

Verify your full name, address and Social Security Number

Review your list of reported credit cards. Look for any credit cards listed that you have never applied for and any cards that you no longer use

Verify your car loan outstanding balance

Verify your mortgage loan outstanding balance

View your payment history to see if any of your creditors have inaccurately reported any late or missing payments

If you find any errors, this is the time to take action! Phone, email or write to the 3 credit bureaus mentioned in my first lesson (link listed above). After you have reported the problem, the credit bureau will open an investigation and contact your credit card company, bank or other lender. This agency will then check its records to verify the accuracy of your claim. In 30 days you will be told the outcome of your claim. This item will then either be corrected on your credit report or will stay the same if your claim is not upheld. If your claim is not upheld, you can still write a letter to the credit bureau telling your side of the story and ask to have this added to your credit report. After 2 weeks, go back and review your credit report to make sure that the changes have actually been made.

If a new credit card shows up on your credit report that you have never applied for, you may be the victim of identity theft. Contact the fraud department at one of the three credit bureaus immediately! Request a fraud alert to be placed on your credit cards. Doing this makes sure that you will be notified if anyone tries to apply for a new credit card in your name, change your address or make other changes to your current credit cards.

OK, what else can I do to improve my FICO score and clean up my credit report?

First, realize that improving your score and credit rating isn’t going to happen overnight. Bankruptcies will stay on your credit record for 10 years. Other judgments, such as liens, will stay on your record for 7 years. There’s no getting around either of those problems. But there is something important that you can do while you’re waiting for a bankruptcy or lien or be removed from your record. The number one, most important thing you can do is pay your bills on time. You may be thinking, “That’s it? No magic?” It may be hard to believe, but paying your bills on time can significantly raise your FICO score in only 3 or 4 years to qualify for a much improved interest rate on any loan you apply for. You can’t go back and make up for missed payments in the past, but you can make sure that it doesn’t happen again! More good news - your recent ‘good’ credit history carries more weight than your distant ‘blemished’ past.

Paying down your debt balance always helps to improve your score but be smart about how you pay off your credit debt. Prepaying on your installment car loan probably won’t help you much, but making headway on paying off your expensive credit card debt will help significantly. It’s a red flag to credit bureaus if your credit card debt load is approaching your maximum limit. One trick to stay far, far away from your credit card maximum limit, is to ask your credit card company to raise your limit. This trick only works if you don’t use this extra lee way to make additional purchases!

Two final simple, yet amazing tips to help improve your score.

1. If you have credit cards that you no longer use - cancel them!

2. Avoid applying for any additional credit cards. Every time you apply for a new credit card, your lender will make an ‘inquiry’ into your credit history. Too many inquiries will negatively impact your credit report. The fewer, the older credit cards you have, the better!

Beth Gabriel is a successful Webmaster and publisher of PrePaid-Legal-Help-4U.com. She provides more Identity Theft information and tips on improving your Credit Reports that you can read on her website from the comfort of your home at 2:00 am!

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