One Time Credit Report

By: EconomyWatch   Date: 31 August 2009

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All US citizens are entitled to a one time credit report for free from all the three major bureaus, Equifax, TransUnion and Experian. The provision of free annual credit reports became a compulsion in 2003, when the Fair and Accurate Credit Transactions Act was passed. Individuals must request for a copy of their credit report to improve on their credit score and to check the accuracy of their credit history.

 

Ways of Acquiring a One Time Credit Report

 

There are three centralized sources from where individuals can request for their one time credit report:

  • Website – Consumer can access their free credit reports from annualcreditreport.com or ftc.gov/bcp/conline/pubs/credit/freereports.htm. Be careful in typing out the URL because some websites have a very similar URL and they try to sell the reports instead of giving them for free.
  • Toll-free telephone number – Call (877) 322-8228 if you are not comfortable requesting for the report online.
  • Via mail – After filling the form behind the Annual Credit Report Request brochure, mail it to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA, 30348-5281.

 

You can place an order for all the three reports at one time or at different times during the year. However, it is advisable to order individual reports from all three bureaus at one time.

 

Benefits of Accessing a One Time Credit Report

 

There are several benefits of accessing and analyzing one’s one time credit report:

  • The credit report provides comprehensive information about your spending habits. This can affect future financial moves regarding employment or your living arrangement.
  • Analyzing all the three reports at one time provides the additional benefit of correcting discrepancies and errors (if any) in the credit reports from individual companies. Any fraudulent activity or scamming by phishing websites can be reported immediately.

 

Analyzing one’s credit reports is necessary before:

·        Applying for bank, home or auto loan or and credit cards

·        Seeking jobs – Most employers judge the consistency and credibility of an employee by checking their credit report

·        Looking for a rented apartment – Checking a tenant’s credit reports to ensure timely rental payment is a common habit in many states.

 

 So, use your right to receive a free one time credit report and keep your credit score and credit history in check each year.


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