What is a Consumer Credit Report?
A consumer credit report is a report that is compiled about you almost automatically through lenders and credit reporting agencies. Files of information about your debt levels, repayment history, and assumed creditworthiness are housed with credit bureaus mostly with the three major credit bureaus, Experian, Equifax, and TransUnion.
Your credit score is more like a quantified summary of parts of your credit report, which makes it important for the information contained in these files to be accurate. According to federal law, once per year, you are allowed to obtain each of your credit reports for free. There you will find a summary of your personal credit history.
Getting Your Consumer Credit Report
You are entitled to one free copy of your credit report every 12 months. From each of the three nationwide credit reporting companies. Experian, Equifax, and TransUnion. You can order online at annualcreditreport.com. Which is the only authorized website for free credit reports, or call 1-877-322-8228. You will be required to provide your name, address. Social security number as well as your date of birth in order to verify your identity.
The FCRA promotes the accuracy and privacy of information. Files of the nation’s credit reporting companies. The Federal Trade Commission (FTC), which is the nation’s consumer protection agency. Enforces the FCRA with respect to credit reporting companies.
A credit report includes information on where you live. How you pay your bills, as well as whether you have been sued or have filed for bankruptcy. Nationwide credit reporting companies sell. The information contained in your credit report to creditors, insurers, employers, and other businesses that uses it to evaluate your applications for credit insurance, employment, or renting a home.
How to Order Your Free Report
The three nationwide credit reporting companies have set up a central website, which is a toll-free telephone number, and a mailing address via which you can order your free annual report.
- Firstly, visit annualcreditreport.com
- Also, you Call 1-877-322-8228
- Or complete the Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.
You don’t have to contact the three nationwide credit reporting companies individually. What they do, is provide free annual credit reports only through annualcreditreport.com, 1-877-322-8228, or mailing to Annual Credit Report Request Service.
You can order your reports from each of the three nationwide credit reporting companies at the same time, or you can order your report from each of the companies individually. The law grants you access to order one free copy of your report from each of the nationwide credit reporting companies every 12 months.
What Information do you need to get your Free Report?
You are to offer your name, address, social security number, and date of birth. If you have moved in the last two years, you may be required to provide your previous address. In order to maintain the security of your file, each nationwide credit reporting company may ask you for some information that only you can provide, like the amount of your monthly mortgage payment. Each company may ask you for different information owing to the fact that the information each has in your file may come from various sources.
Why do you need a copy of your credit report?
Your credit report has information that affects your ability to get a loan as well as how much you will have to pay to borrow money. You’ll need a copy of your credit report to:
- Firstly, to ensure the information is accurate. Complete, and up-to-date before you apply for a loan for a. Major purchase like a house or car, buy insurance, or apply for a job.
- Secondly, to help guard against identity theft. That’s when someone uses your personal information like your name. Your social security number, or your credit card number to commit fraud. Identity thieves can use your information to open a new. Credit card account in your name. So when they don’t pay the bills, the delinquent account is. Reported on your credit report. Inaccurate information like. That could affect your ability to get credit, insurance, or even a job.
How long does it take to get your report after you order it?
When you request your report online at annualcreditreport.com. You should be able to access it immediately. If you order your report by calling toll-free 1-877-322-8228, your report gets processed. and mailed to you within 15 days. If you order your report by mail using the Annual Credit Report Form, your request will get processed and mailed to you within 15 days of receipt.
Note, however, that whether you order your report online, by phone, or by mail, it may take longer to get your report if the nationwide credit reporting company requires more information to verify your identity.