Free Annual Credit Report
If any time is spent on the internet or watching television, chances are high that you have seen an advertisement about how to obtain a free annual credit report. Many times, the advertisement directs the viewer to surf a certain website or to call a toll free telephone number. Those advertisements want the viewer to complete a simple one page form online or to call to talk to a customer service representative. These advertisements are often misleading.
While some of those companies actually do offer an annual free credit report and many do not. Of course, those companies want the viewer to sign up for additional products and services in order to get their free annual credit report. A typical example is a company that wants viewers to purchase a monthly service so the company will monitor their credit report for abnormal or unusual activity. While these companies provide a valuable service, viewers should be aware that an additional purchase is not necessary in order to get a free annual credit report.
The Fair Credit Reporting Act requires that every individual has access to their free annual credit report every twelve months from all three credit reporting agencies: Experian, Equifax, and Transunion. They do not require any additional services to be purchased in order to obtain it.
A new federal law also requires all commercial websites offering a free annual credit report to inform people there is only one authorized website that by law offers a free annual credit report. In fact, that federal law further requires that all commercial websites include a box in a prominent place on their website that states how, under federal law, you have the right to a free credit report through AnnualCreditReport.com.
This federal law was passed because the federal government believed everyone should not only have access to a free annual credit report, but that they should review it for accuracy. It is much easier to get an incorrect entry on a credit report removed the quicker it is found and disputed. If the inaccurate entry is allowed to remain for years, it is much harder to remove it and often requires a time consuming process.
Another reason the federal government passed the law is because with the explosion in identity theft, every consumer could make sure their identity had not been compromised. Since it is much easier to obtain personal information on nearly everyone online, identity theft has been on the rise in recent years. If every consumer had access to a free annual credit report, they could see if any additional unauthorized accounts had been opened using their credentials. Since the three reports can be ordered separately, consumers can request them one at a time from one of the three credit reporting agencies. This allows each consumer to keep a closer eye on their credit history.
Regardless of what the internet and television advertisements claim about a free annual credit report, one thing is certain; every consumer is entitled to one every twelve months from all three credit reporting agencies. These reports can be accessed online at AnnualCreditReport.com.
