How to Get a Free Credit Report

One of the most important decisions a person can make is getting hold of his or her free credit report. Credit in today?s world is what gives people buying power. When credit is bad, trying to buy anything secured such as a home or car is nearly impossible. In addition, bad credit has a significant impact on the level of interest a person would pay for a loan and even being hired or not for a job. However, with good credit, the same person would have much more financial freedom.

The good news is that once a year, every person in the United States is allowed to receive a free credit report from each of the three reporting credit bureaus, which include Equifax, Experian, and TransUnion. While the process of going through and cleaning up credit is not an overly pleasant experience, it is the most beneficial thing a person can do. To obtain a copy of a free credit report, people have three primary options.

1. Ordering on the Internet ? A free credit report can be obtained by logging onto each of the reporting agency websites and following the instructions provided. After submitting the required information, the report can be printed off immediately so the process of credit repair can begin. The links include:

a. www.Equifax.com
b. www.Experian.com
c. www.TransUnion.com

2. By Phone ? Another method for obtaining a copy of a free credit report is to call each of the credit bureaus by phone. In most cases, the agency needs up to 15 days to process the request although by law, they have 30. The phone numbers for each bureau is as follows:

a. Equifax - 866- 640-2273
b. Experian - 888-Experian or 888-397-3742
c. TransUnion - 800-916-8800 or 800-888-4213

3. By Mail ? The most common method used to obtain a free credit report is by mail. Again, each credit bureau is allowed up to 30 days to respond since they receive as many as 10,000 requests daily. The information for each agency is:

a. Equifax - P.O. Box 740241, Atlanta, GA 30374-0241
b. Experian - P.O. Box 105069, Atlanta, GA 30348
c. TransUnion ? P.O. Box 2000, Chester, PA 19022

In addition to a person being able to get a free credit report every year directly from the reporting credit bureau, he or she can also contact individual companies that assist people in cleaning up bad credit. If someone needs a copy of his or her report more than once in a single year, additional copies are available but they typically cost on average of $10.50, a small fee to pay for getting the report corrected.

To receive a copy of the free credit report, certain information such as name, address, social security number, and date of birth would be required. Additionally, if the person has been at his or her residence less than a two-year period, information about the previous address would also be needed. In some cases, the credit bureau may send out a letter requesting even more information or documentation to confirm a person?s identity.

Now, along with getting a free credit report every year, there are times when an additional report would be free. These special circumstances might include any of the following and are in addition to the once a year report of which everyone qualifies:

? Unemployment ? If a person were unemployed and looking for a job in the next 60 days or in the situation of a family getting public aid, a copy of a free credit report can be requested.

? Adverse Action ? In the case of someone being declined credit, insurance benefits, or even employment, again a free credit report could be requested. The request must be made within 60 days of the denial.

? Identify Theft ? Unfortunately, identify theft is on the rise, for people with good and bad credit. If at any time a person becomes the victim of identity theft, he or she would be permitted to request and receive a free credit report.

No matter the method used, the key is what the person does with the free credit report once it has been received. This individual would need to go through the report item by item, looking for mistakes, erroneous information, inaccurate information, and even omissions, especially in the case of good credit not being reported. Very carefully examining the report, anything wrong would need to be highlighted and copies of supporting documents sent in with the report to the respective agency.

Once the credit bureau reviews the complaint of mistakes, changes would be made and a new report sent out. However, people need to know that in most cases, even updated credit reports come back with mistakes. Therefore, a person might need to go through the repair process several times before everything wrong has been corrected and the report updated. While this means staying focused and being persistent, the outcome is the reward for the effort.