The Fair Credit Reporting Act changed the way people receive financial information. At one time, a consumer had to pay for all three credit reports to gain access to them. Thanks to the FCRA every consumer is allowed to obtain one free financial statement every 12 months from the big three consumer reporting agencies: Equifax, Experian, and TransUnion. If you've been approached by anyone that says you're not entitled to these reports, they're either lying on purpose or lying by mistake. You are by law allowed to see your credit details once a year.
When the new law took effect, many people took advantage of the newfound transparency in financial reporting, but just as many people were unaware that a change in the law had even taken place. Many people still pay for all information, completely passing up their once-per-year statement.
Claiming a free statement of your history is remarkably simple when the task is undertaken online. You'll find links to credit reports scattered throughout news and information Web sites that purport to offer free reports. Some do. Others make empty promises.
- Find a financial reporting Web site that you're comfortable with and that understands the FCRA well. Research their system for delivering your information. If possible, request more information from the Web site that will address any concerns you may have with applying. Read their terms of service carefully.
- Once you've found a Web site that delivers your details, it's time to order the account. An important step follows this decision.
- How often do you want to receive your reports? If you only want one account per year, that's your right, but some people want to keep track of their charge reports more often. To do so, most Web sites offer year-round charge reporting services that will keep you up to date with everything on your credit history. The result is that you get an overall picture of your credit habits and what changes you need to make to keep level.
You can get your information online or offline, by requesting directly from each of the three credit reporting companies. Whether a report is requested by mail or through an Internet form, an applicant is making an important commitment to keep their charge rating the best it can be now and in the future. This is one of the single most important steps you will ever take maintain your financial security.
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