Online Resources For Your Credit Report Questions

Credit reports can be confusing to consumers trying to take a closer look at their financial situation. If you are unsure about how to get a free copy of your credit report (hint, it’s not from FreeCreditReport.com!) or if you do not understand the information contained on your report, it is in your best interest to find a resource to help you understand since the information on your reports can have a big financial impact on your life.

Consumers also need to be aware of the growing number of scams and fraudulent schemes surrounding personal identity and credit. One way many people discover they are victims of fraudulent acts is by examining their credit reports carefully, looking for incorrect and inaccurate information.

There are several online resources a consumer can use to find answers to their credit report questions. They include:

Credit Report Questions Answered

Since credit reports contain large amounts of information spanning several years worth of financial activity, it can be hard for the consumer to understand what the facts and figures mean. The credit reporting agencies are trying to help consumers relate by including descriptions of each section in the report. Even so, many consumers will still have questions about their credit report, their credit score, and what it all means financially.

By law, consumers are entitled to one free copy of their credit report from the three credit reporting bureaus annually. Consumers can also request a copy of the credit report used when they have been denied credit. In order to receive a copy of your credit report, you can contact one of the three major credit bureaus.  Note, obtaining your credit report directly from one of the credit bureaus below probably won’t be free.

• Equifax http://www.equifax.com

• Experian http://www.experian.com

• Trans Union http://www.transunion.com

Credit reporting agencies collect data sent from your creditors on a monthly basis. There is never a guarantee that credit report information will be correct so consumers are encouraged to review their reports regularly and file corrections with the individual credit agency when mistakes occur.

Consumers can also request their free annual credit report at AnnualCreditReport.com http://www.annualcreditreport.com (this is what I recommend).

Consumers who want their FICO score can request it from MyFICO.com. Credit scores are not supplied on the free credit reports consumers are entitled to each year and must be purchase separately.

Other Resources

The Federal Reserve – provides tips and information about credit reports and debt management services available to consumers. http://www.federalreserve.gov/consumerinfo/fivetips_creditscore.htm

The Federal Trade Commission – provides tips for credit reporting complaints and debt management tips.

http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm

Consumer Affairs – provides answers to many of the most common credit report questions for the consumer’s benefit.

http://www.consumeraffairs.com/credit_cards/credit_report_ques.html