How To Really Get Your Cheap Credit Report

Three credit reporting companies are now required by the FCRA, or Fair Credit Reporting Act, to provide you with a free annual credit report. You may request this information from a central website (annualcreditreport.com) established by TransUnion, Experian, and Experian. Reports can be staggered and ordered individually or from all three agencies at the same time. However, you are only entitled from one report from each of the three credit reporting bureaus once every 12 months.

It is important to make sure you have the right website when asking for an online credit report. Other companies, also, offer this service for reduced fees or for trial periods and require your credit card number up front. Some imposter sites use web addresses similar to the federal site to mislead consumers or to gather personal information. Beware of offers for cheap credit reports (or catchy TV jingles) and verify that the website is legit before providing your personal information.

You will be asked for your name, address, birth date, and Social Security number. If you have recently moved, you may, also, need to provide your previous address. Each company has information from many different sources, and they may ask different questions about your background.

This data includes details about place of residence, payment of bills, lawsuits, arrests, or bankruptcies. It is sold to employers, insurance companies, credit companies, and other businesses. Your records determine your ability to get credit or insurance, to buy or rent a home, and to get a job. By getting a copy of the report, you can check to make sure that there are no mistakes and that no one else is using your identity.

Although all three of these credit reporting agencies gather the same kinds of credit information, there are some differences. Because the formula and criteria vary for each company, they may have a slightly different credit score for the same person. Each company is, also, more active is certain cities and areas of the country and may have more information from that particular region.

TransUnion is the smallest of the three credit reporting agencies, Equifax is the oldest and largest. Experian’s home office is in Ireland, but it has been operating in the United States since 1996. Both TransUnion and Equifax use the Fico Score for reporting credit scores while Experian uses its own model (Equifax calls theirs the beacon credit score, but it’s basically the same). The Fico score is, also, used by more than 90% of banks in the US. The cheapest and simplest place to get your actual Fico score for a nominal charge is directly from the source at myFico.com.

If you need information not included in your free annual credit report, you can visit any of these reporting agencies online at their individual websites. Equifax offers reports and credit monitoring from all three agencies for one comprehensive fee, which may be worth it to you if you feel your credit identity is at risk.

A cheap credit report score comes at a high price if you buy from a dishonest agency. To be safe, avoid scams that promise a cheap credit report by verifying that you are using the consolidated federal website or contacting Equifax, TransUnion, or Experian directly with a secure internet connection.