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Personal Finance

Free credit reports: Making it easier to review your credit

Free credit reports allow individuals to obtain their credit history without charge so that they can review it. You may be eligible for a free credit report if you meet certain criteria.

Reviewing free credit reports allows individuals to determine what transactions show up on their file. This way they will be in a better position to avoid actions that hurt their credit reports and find ways to improving their credit ratings.

Free credit reports have given many people the ability to better understand their current financial situation and work out ways to improving their credit score. By reviewing their free credit reports, people can find out mistakes on it. They can also prevent identity fraud by reviewing their report to find out if there are any unauthorized charges.

With free credit reports, there is little preventing you from taking charge of your credit by better understanding your credit history.

The Fair Credit Reporting Act gives you the right to look at your credit report. Thus when you are denied credit, you have a right to obtain a copy of your credit report to find out why.

Free credit reports can be obtained from a credit reporting agency.

Three major nationwide companies that can supply free credit reports once a year are:

  • Equifax
  • Experian
  • Trans Union

To request completely free credit reports, you can start by writing a letter to the credit bureau. If you are employed or seeking employment, if you have been turned down from loans, if you feel you are the victim of identity theft or similar fraud, or if you are receiving benefits, you may entitled to a free credit report.

You can also find websites that allow you to order your credit report for free, completely online. Most online sources for free credit reports allow you to keep and view the report for about 30 days.

Free credit reports give you a no obligation and safe way to start on a path to credit repair. A surprisingly high percentage of credit reports have mistakes on them, therefore it is always a good idea to check your credit report about once a year.