Consumer Credit Bureau Report: How to Access and Review Your Report

You can access your consumer credit bureau report for free once a year from AnnualCreditReport.com, or pay for it through the websites of the three major credit bureaus: Equifax, Experian, and TransUnion.

The report will include information from the past seven years, including accounts you've paid off, collections, and public records like bankruptcies and foreclosures.

To review your report, look for errors or inaccuracies, such as incorrect addresses or accounts that don't belong to you.

Check for any negative marks, like late payments or collections, and dispute them if you believe they're incorrect.

The credit reporting agencies work by collecting and selling credit information to various companies and individuals. This information is used to supplement applications for credit, insurance, housing, and employment.

They collect this information from creditors and other sources, and sell it to banks, mortgage lenders, credit unions, credit card companies, department stores, car dealers, debt collectors, insurance companies, landlords, and employers.

The three credit reporting agencies may also provide identifying information and credit reports to government agencies for specific purposes, such as extending credit, reviewing the status of an account, or investigating international terrorism.

These government agencies can use the credit information to grant licenses or other benefits, or to investigate international terrorism. You'll need to provide personal information to the credit reporting agency so they can identify you.

The credit reporting agencies sell credit information to a wide range of companies and individuals, which use it to make informed decisions about lending, hiring, and other business activities.

The credit reporting agencies are regulated by various federal laws and government agencies. The Fair Credit Reporting Act (FCRA) is the primary law that governs the credit bureaus.

The Consumer Financial Protection Bureau (CFPB) oversees the credit reporting agencies, monitoring compliance with the FCRA and investigating consumer complaints. The Federal Trade Commission (FTC) enforces the FCRA, with the CFPB having most of the rulemaking responsibilities and the FTC having enforcement authority.

You have the right to a free copy of your credit report from each of the credit bureaus every year, as well as in certain situations such as if a company denies you credit or makes another adverse decision based on your credit history.

Lenders, landlords, insurers, and employers use credit reports to evaluate your creditworthiness and manage risk. They look for indicators of your past financial behavior, like timely payments and responsible credit use.

Insurance companies and some employers also use credit reports when making decisions. This can affect whether you get insurance or a job, and what premiums you'll have to pay.

Not all employers conduct credit checks, but some might review your credit report as part of the interview process to gauge your financial management skills and stability.

The following organizations use credit reports to make decisions about you:

The credit reporting agencies are heavily regulated by various federal laws and government agencies. The primary law governing credit bureaus is the Fair Credit Reporting Act (FCRA).

The FCRA ensures that consumers have the right to access their credit reports and dispute inaccuracies, limits who can look at credit reports, and ensures consumers understand how their credit information is used. It also requires users of the information for credit, insurance, or employment purposes to notify consumers when they take an adverse action based on such reports.

The Consumer Financial Protection Bureau (CFPB) oversees the credit reporting agencies, monitoring compliance with the FCRA and investigating consumer complaints. The CFPB has most of the rulemaking responsibilities.

The Federal Trade Commission (FTC) enforces the FCRA, giving it enforcement authority. Some state laws provide additional protections for consumers or requirements for credit reporting agencies.

You can contact the three nationwide credit reporting agencies by visiting their websites for contact information. The Equifax, Experian, and TransUnion websites have this information.

You can also order your free annual credit reports through a toll-free phone number, online, or by mailing the Order Form. The phone number is 1-877-322-8228 and the website is https://www.annualcreditreport.com/cra/index.jsp.

The Annual Credit Report Request Service can be contacted at P.O. Box 105281, Atlanta, GA 30348-5281. You can request all three reports at once or stagger them to create a no-cost version of a credit-monitoring service.

Monitoring services from the credit bureaus cost from about $40 to over $100 per year, so ordering free reports can be a cost-effective option.

You can get your free annual credit reports from the three major credit bureaus, Equifax, Experian, and TransUnion, through the Annual Credit Report Service website or by calling their toll-free number, 1-877-322-8228.

You can request all three reports at once or stagger them to create a no-cost version of a credit-monitoring service. This approach won't give you a complete picture at any one time, as not all creditors provide information to all the bureaus.

To review your credit reports, look for errors or possible signs of identity theft in three key areas: Personal Information, Accounts, and Inquiries. You can view sample credit reports on the websites of the three credit bureaus to see what to expect.

The Personal Information section should have your correct name, Social Security number, and employers listed. Make sure there are no addresses where you've never lived. The Accounts section should list all your legitimate accounts, and you should check for any accounts you didn't open or balances that are higher than expected.

When reviewing Inquiries, look for any requests for your credit history that you didn't make. Regular or hard inquiries can indicate identity theft or errors, while promotional or soft inquiries are usually harmless.

Here are the contact details for the Annual Credit Report Service:

To review your report, start by looking at the Personal Information or Personal Data section. Make sure your name and any variations of it, your Social Security number, and your employers are correct.

You should also check the Accounts sections for any accounts you didn't open and balances on your legitimate accounts that are higher than you expect.

Look for Inquiries or Requests for Your Credit History that you didn't make, as these could be signs of identity theft or errors. There are two types of inquiries: "Regular" or "hard" inquiries, which are the ones that result when you apply for credit or when an account is transferred to a collection agency, and "promotional" or "soft" inquiries, which are not an indication of problems.

You can view sample credit reports on the Web sites of the three credit bureaus: Experian, TransUnion, and Equifax.

Here's a summary of what to check in your report:

If you find anything you believe is incorrect, contact the credit bureau immediately to correct the errors.

You can get free credit reports from the three nationwide credit reporting agencies every 12 months. This is mandated by the FCRA (Fair Credit Reporting Act).

To order your free reports, you need to go to the Annual Credit Report Service website at www.annualcreditreport.com. You can't get free reports by contacting the credit reporting agencies directly.

You can order your free annual credit reports through a toll-free phone number, online, or by mailing the Order Form. The phone number is 1-877-322-8228, and the online link is https://www.annualcreditreport.com/cra/index.jsp.

If you want to order your report by mail, you can use Nolo's Letter to Request Credit Report. You can also find a copy of this letter in Nolo's Credit Repair book.

You can request all three reports at once or stagger them over time. This can be a good way to create a no-cost version of a credit-monitoring service.

You can order a consumer credit bureau report from the three major credit bureaus, Equifax, Experian, and TransUnion, for a fee.

The fee for a single report is usually around $20, although it may vary depending on the state you live in.

You can also purchase a report from each of the three credit bureaus at once, which is known as a tri-merge report. This can be a good option if you're looking for a more comprehensive view of your credit history.

The total cost of a tri-merge report is typically around $60.

Some credit monitoring services offer free credit reports, but be aware that these reports may not be as detailed as the ones you can purchase directly from the credit bureaus.