Get Your Credit Report FREE!
Are you interested in learning how to get a free credit report? How about a free credit score?
Is a credit report free is a question that gets asked quite a bit by those attempting to secure a loan.
Looking over your credit report is essential before getting a mortgage.
To get the best mortgage rates, you must ensure no mistakes can negatively impact your credit scores.
Your credit report is an important financial document you should review at least once a year.
Three leading credit reporting companies produce credit reports, Equifax, Experian, and TransUnion. Each of these firms will provide free credit scores.
Lots of folks ask what credit report is most accurate. There is no absolute answer because credit reporting is constantly changing.
One credit bureau might not have a particular piece of information as quickly as another.
That doesn’t mean the information they have about you isn’t accurate. Your credit history is continuously changing.
Your credit report contains so much vital information – like your standing with different creditors – that you want to ensure that everything on the document is accurate.
If you never review your credit file, you won’t know if a company has reported something incorrect that could damage your credit rating.
That is why it is recommended by every financial institution that you check your report annually to make sure your credit information is kosher. Financial advisors will also tell you the same.
Why Getting Your Free Credit Report is so Essential
Fortunately, you can get your credit report for free once a year – so you don’t have to pay any money to take care of this particular part of your financial life. Just go to the right place online to order your report and get it immediately.
Getting your credit report is essential if you consider buying a home in the not-too-distant future.
One of the critical factors in getting the best mortgage terms is your credit score.
Taking the time to increase your credit score is an excellent long-term financial strategy. By improving your credit scores, you’ll get a better interest rate on all types of mortgages, including home and car loans.
Use Credit Karma to Monitor Your Credit Score
One of the best ways to look at your financial picture is by using a credit monitoring company such as Credit Karma. Using their services, you can outline your finances and have suggestions for improving them.
One of the most significant mistakes of first-time homebuyers is not spending the necessary time to get their financial house in order before purchasing a house. A higher credit score can lead to savings of thousands of dollars over the life of a home loan.
The information on your credit report will play a significant role in a lending institution’s decision process.
Let’s consider what you need to know about your credit report to ensure financial institutions look at you favorably.
Get an Annual Credit Report – What You Need to Know
What’s On Your Credit Report?
There are four types of info on your credit report:
Your Personal Identifiable Information (PII)
All the primary information that makes you identifiable, such as your name, Social Security number, address, employment info, and date of birth, is on the credit report. That is because it is through this personal information that the credit bureaus can identify you.
Your Credit Accounts
Every credit account you create, such as those with credit card companies, is reported to credit reporting agencies.
Creditors let them know what type of account you have, like an auto loan or credit card, when you opened the account, what kind of loan amount or credit limit you have, the balance on the account, and your payment history.
If you have missed payments, those missed payments will be reported here.
Credit Inquires
Every time you try applying for a loan with a lender, the lender will ask for a credit report to decide whether to approve your application. These requests are considered hard inquiries, and enough of them can negatively affect your credit score.
Other times, lenders will ask for a credit report to decide what offer they want to send you, like a preapproved credit card offer.
These are “soft” inquiries and do not affect your credit score. Your report will show the last two years of new inquiries. Here is an excellent explanation of both hard and soft credit inquiries by Credit Karma.
Public Records and Collections
The credit bureaus will collect public records and add them to your report, such as bankruptcies. They will also put any collections for unpaid debt on your credit report.
Any adverse action such as these can seriously damage your financial health. Keeping any adverse action to a minimum will help your credit health.
Late payments, such as auto loans, can quickly create lousy credit. You will want to avoid late payments as much as possible to have good standing.
You’ll become a credit risk when you’re credit profile is damaged. A poor credit score can impact so many aspects of your life.
Video Explaining Annual Credit Reports
Watch the quick video to see what you need to know about getting your credit report free and your credit score.
How Do You Get Your Free Annual Credit Report?
The federal government passed legislation allowing you to get a credit report free from major credit reporting companies every year.
Known as the Fair and Accurate Credit Transactions Act of 2003 (FACTA), it led to the creation of AnnualCreditReport.com, a site where you can get a free report from Equifax, Experian, and TransUnion. You can also order your free annual credit report by:
- Phone – Make a phone call to 877-322-8228
- Mail – Print a form and request a report by mail by sending the form to the address listed on the form.
You can also go directly to each credit bureau to get your free credit reports. The credit report will have a three-digit number that will represent your score. Credit score ranges go from 300 to 850. Negative information from third parties can impact your scores.
Get a Transunion Credit Report
While there have been many negative aspects of Covid-19, there have also been a few positives. For example, Transunion provides a free weekly credit report through April 20, 2022. You can go onto their website and get your Transunion report.
Having your credit report provided weekly gives you an instant look at how your credit history changes. This could be helpful when you’ve added new accounts. For example. if you get a new credit card.
Get an Experian Credit Report
You can acquire an Experian Credit Report by visiting their website. A copy of your report will be offered for free. When visiting Experian, you can also get your FICO score for free. Most major lenders use FICO scores. This information will be crucial if you plan to purchase a home soon.
Experian also offers a service called Experian Boost. When using Experian Boost, you add your bills which, if paid on time, will improve your FICO score. This service is a Trademark of Experian. Most people don’t realize there are different FICO scores.
The most commonly used type of credit score by all three credit bureaus is the FICO score 8.
Get an Equifax Credit Report
Getting an Equifax credit report is also easy. Equifax will provide you with a free monthly credit report by signing up at their website. When reviewing your credit report, contacting the credit bureau will be a good idea if you feel fraud has been committed.
You only have to contact one credit bureau. Fraud alerts will then be placed with all three credit bureaus. Fraud alerts are notices on credit reports that let credit card companies and other financial institutions know you may have been a victim of fraud or identity theft.
Any signs of identity theft should always be reported immediately.
How Long Will it Take to Get My Credit Report?
If you request your report by phone, the document will be processed and mailed to you within fifteen days. Ordering your information by mail using the online form will be processed and sent to you within fifteen days of receipt.
The document used is referred to as the Annual Credit Report Request Form.
One of the best first-time buyer tips is verifying the information in your credit report before you get a mortgage preapproval.
Steps to Get Your Annual Credit Report Free
1. Visit AnnualCreditReport.com.
1. Visit AnnualCreditReport.com.This website, run by The Federal Trade Commission, is where you will find your options for getting a free credit report once a year. Other sites try to mimic this one, so make sure you type in the correct web address.
It is relatively easy to land on a site that does not provide you with a free report or is just plain wrong.
The Annual Credit Report site is the only one authorized to grant a free annual credit report that you are entitled to under the law.
Other sites claiming to provide “free credit scores,” “free credit monitoring,” or “free credit reports” are not part of the legally mandated free annual credit report program. With some fake sites, the “free” offer comes with strings attached.
For example, many of these sites say they provide you with a free service, but what happens is you have to pay after a trial period expires.
If you fail to cancel during their trial period, you might be agreeing to let the company start charging fees to your credit card.
2. Input All Your Information to Verify Your Identity
The site will ask for all the standard information you provide on other sites to verify your identity.
These include your full name, address, Social Security number, and birthday. Double-check what you have input before moving forward.
Since you will be providing sensitive information, many people wonder if it will be safe. AnnualCreditReport.com says that your information is encrypted when filling out the form and sending it to the three credit bureaus.
According to ACR, physical, electronic, and procedural safeguards are put in place that provides security, including internal and external firewalls.
Your credit report could be accessed technically if an impersonator had enough of your personal data points.
3. Request a Credit Report From Each of The Three Major Credit Bureaus.
You have to separately ask for a report from each of the big three – Equifax, Experian, and Transunion – so make sure you get a report from each.
Although each report’s information should be similar to the others, one will likely have different account information or errors than another one. Some credit activity also may be reported quicker to one bureau than another.
4. Answer All The Security Questions They Throw at You.
They don’t want to give your private financial information away to identity thieves, so the site will ask you a series of questions only you should be able to answer. For example, they may ask where you got your car loan or how much your monthly mortgage payment is.
Sometimes people have trouble with some of the questions they are asked, mainly when they concern old accounts. You might not remember the exact details of such statements, so you might be unable to answer the question correctly.
You still have other options if you cannot make it through the screening process. Getting credit reports by mail or phone without going through the same screening process is possible.
5. Get Your Credit Reports – Save and Print Them.
5. Get Your Credit Reports – Save and Print Them.Once you make it through the screening process, you can download your credit reports. But you can only do this once per year without paying a fee, so you want to ensure you save the documents from looking at them later.
You can save the files to your computer or cloud and print them on your printer. Getting your free credit score is super simple.
What If You’ve Already Ordered a Free Credit Report and Need Another?
If you don’t want to pay full price for each of your three credit reports, you may still have some options depending on your circumstances. These include:
Your Credit Application Has Been Denied
If your application was denied due to something on your credit report, you have up to 60 days from the time you are told you were denied to get a free copy of your credit report.
You’re Unemployed
If you are unemployed and plan to start your job search within the next 60 days, you can get a free credit report after receiving your free annual credit report.
You’re on Welfare
If you are on welfare, the Fair Credit Reporting Act (FCRA) gives you the right to request an additional credit report after you have asked for your one annual credit report.
You Have Been The Victim of Identity Theft
If you were unfortunate enough to have your identity stolen by criminals and now have false information on your credit report, you could get a free credit report in addition to your free annual credit report.
Here is some excellent information on how to report identity theft.
You Reside in a State That Gives You An Additional Free Credit Report
Certain states have implemented laws that give their citizens an additional credit report free after getting their first annual credit report under federal law. These include:
- Colorado
- Georgia
- Maine
- Maryland
- Massachusetts
- New Jersey
- Puerto Rico
- Vermont
Correcting Incorrect Information on a Credit Report
If you get your credit report and find that something on the report is inaccurate, you need to contact the credit bureau and tell them of the error.
They are usually obligated to check on any errors within thirty days. Inaccurate information can damage your financial health.
All credit bureaus have options for reporting errors online, so you can go to their websites and tell them something is wrong.
The companies must also send all the information you provide about the organization’s inaccuracy that provided the info.
Once the information provider receives notice of a dispute from the credit reporting company, it has to investigate and review the information. They must then report the results back to the credit reporting company.
If the information provider discovers the disputed data is inaccurate, it must inform all three nationwide credit reporting companies, so they’ll be able to correct the information in your file.
Fix Credit Report Errors
As mentioned, getting any errors fixed on your credit report is vital, as not doing so can impact future financial consequences.
Financial institutions could make credit decisions that create havoc in your life.
For example, you may find yourself in a position where you must rent to own for a while because you don’t qualify for a mortgage.
A credit reporting agency can report the most accurate harmful data for seven years and bankruptcy information for ten years.
The Consumer Financial Protection Bureau is a government that ensures lenders, banks, and other financial institutions treat consumers fairly. If you feel that has not happened, contact them at 1-855-411-2372 or visit their website.
Frequently Asked Credit Reporting Questions
1. Are there other places to get a free credit report besides Annualcreditreport.com?
Yes- you can get a free report from the following places:
- Bank of America
- Some credit unions
- American Express Credit Cards
- Discover Credit Scorecard
2. What is a good FICO credit score?
A good credit score ranges from 670 to 739. Anything above a 739 credit score is considered excellent.
3. Does AnnualCreditReport.com do a hard pull of my credit?
No. Getting a free credit report does not lower your credit score. Checking credit reports is not the same as hard inquiries about new credit standing.
4. Can you get a credit report for free mailed to your home?
Yes. You can contact the Annual Credit Report request service at P.O. Box 105281, Atlanta, Georgia 30348, or call them at 877-322-8228.
5. What credit scores do banks use for lending?
Lenders who provide mortgages for homes use the FICO scoring model. They will use the information provided by Experian, Equifax, and Transunion.
Final Thoughts on Getting Your Credit Report
Hopefully, you have completely understood the importance of monitoring your credit scores. If you plan on becoming a homeowner, staying on top of the information in your credit report is crucial.
While the credit score needed to buy a house is essential, getting the best score will improve your loan terms.
It would be best if you were vigilant about checking for errors. Don’t think for a moment that it isn’t commonplace to find mistakes. If you want the best mortgage rates when buying a home, it behooves you to make sure your financial data is accurate.
You should now have a better handle on getting ahold of your credit report.
Other Essential Credit and Mortgage Advice
- What is a house deposit – when purchasing a home, you will be required to put down what is known as “earnest money.” Your earnest money deposit is not the same thing as a down payment. First-time home buyers confuse these two mortgage terms quite often. See everything you need to know about home deposits.
- No closing cost refinance – does it makes sense to pay points and closing costs when I refinance my mortgage, or should I go with a no-cost refinance? See what you need to know to make a wise financial decision.
- Should I pay off my mortgage early – one of the questions many homeowners ask themselves is whether or not it makes sense to pay off their mortgage. Look at all the pros and cons of getting rid of your mortgage payments.
- What documents are needed to get mortgage approval – see a list of all things a mortgage company, bank, or private lender needs to have to grant a mortgage approval.
- Mortgage programs for first-time buyers – see a detailed overview of some of the best financing programs when purchasing your first home.
Use these additional resources to make smart decisions when buying a home.
About the author: Bill Gassett, a nationally recognized leader in his field, provided the above Real Estate information on how to get a free credit report. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-625-0191. Bill has helped people move in and out of many Metrowest towns for the last 36+ years.
Are you thinking of selling your home? I am passionate about real estate and love sharing my marketing expertise!
I service Real Estate Sales in the following Metrowest MA towns: Ashland, Bellingham, Douglas, Framingham, Franklin, Grafton, Holliston, Hopkinton, Hopedale, Medway, Mendon, Milford, Millbury, Millville, Natick, Northborough, Northbridge, Shrewsbury, Southborough, Sutton, Wayland, Westborough, Whitinsville, Worcester, Upton, and Uxbridge MA.
