The world is full of information about accessing your credit report, both true and false, especially in the online world. Surprisingly, some of this misinformation comes from credit reporting agencies, themselves. After all, they are in the business to make money, too. There are also companies that will do the work for you and charge a generous fee.
There are two federal laws that provide for free credit reports for American citizens and residents. That means if you are living in the United States then you can access your credit report for free.
The first of these laws is the Federal Fair and Accurate Credit Transactions (FACTA) Act of 2003. This law mandates that the every U.S. person is allowed one free copy of their credit report from each of the three leading credit reporting agencies once every twelve months. This law also mandated the creation of the AnnualCreditReport.com website that serves as the only official website where your free credit reports can be obtained. You may also receive these free credit reports via phone or mail request.
The second law passed is the Federal Fair Credit Reporting Act or FCRA. The law was passed in 1970 but has gone through several changes and amendments before reaching its current standing. This law outlines several other reasons for obtaining your credit report and require that it is available to you for free under these circum stances: If you believe your report includes fraudulent information, if you are unemployed or on public assistance, and if your credit score has kept you out of housing you can request a free copy of your credit report. Also you can request a copy if you have been denied credit or employment or any benefits from the government because of your credit score.
While these two laws may keep you from ever needing to pay a fee for your credit report, keep in mind that these free reports may not actually reflect your FICO score because of a different scoring formula. If you need to see your actual FICO score then be prepared for a minimal cost.
So many people do not understand the FACTA or FRCA laws. There are many businesses that are willing to scam those people, take their money, and do very little fore them. If you are careful, however, you can find a very helpful credit monitoring agency that will not only tell you of problems but will also advise you on ways to improve your score.
You may not be planning to use credit in the future. However, if you can foresee a need for a major loan or are trying to rebuild your damaged credit then a credit monitoring service may be quite helpful to you making sure your credit report is perfect.
Wendy Polisi is the founder of CreditRepairCollege and Finance the Dream. Finance the Dream is the nations leading provider of lease options,offering homes in all 50 states. For more information on fast credit repair please visit her at CreditRepairCollege.
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