Credit Reports Galore - denied free experian equifax

Danny Thompson asked:


Because of a new federal law passed in 2005, you can now get your credit report free from all 3 of the major credit bureaus (Equifax, Experian and TransUnion).

Thanks to this legislation, credit reporting agencies are required to provide you with a free copy of your credit report on an annual basis upon your request using the established method. Basically, this boils down to requesting your free reports using from each bureau using the centralized system that was designed for this very purpose. If you contact any of the three bureaus directly they will charge you for the report. This is one great example of where following directions actually pays off!

In previous years one would have to pay as much as $19 or more for just one credit report. Now monitoring your credit is easier thanks to this new federal law. The only problem is that the new law only provides you access to one free credit report per year from each of the three credit bureaus.

Why Credit Monitoring Matters

If you want to keep good track of your credit (as you probably should) you will have to check your credit on a more regular basis. Many financial planners recommend that you check your record on a monthly basis. The easiest way to do this is to sign up for a credit monitoring service that will do the work for you. You can also request your credit report on your own from time to time to check it. You can do this for free by taking advantage of one of the many free credit report promotions available online.

Remember, effectively monitoring your credit is crucial to your financial health because outdated or inaccurate negative information on your credit could potentially cost you a new job, a rental apartment or money in the form of higher interest rates when you borrow from a financial institution — that is assuming you get approved.

If you are not concerned about being a victim of identity theft and only want to check your credit report on a yearly basis, be sure to take full advantage of your rights under the new law and order your free credit report from each agency using the Annual Credit Report centralized system.

This new centralized system offers consumers the opportunity to order credit reports online, via mail, or by phone. Ordering online is of course by far the fastest and easiest way to get a hold of your credit reports from all three agencies. Depending on the information you provide, you may even be able to have instant access to your free credit reports online.

Where to Order your Free Annual Credit Report

Individuals without access to the Internet can request their free credit reports using either the toll-free line or by sending a written request to the the following mailing address:

Annual Credit Report Request Service

P.O. Box 105281

Atlanta, GA 30348-5281

Get Your Credit Report Free Without Delays

When you get ready to request your free reports online, make sure you have all the information you need to request your report handy. Typically they will ask to verify your identity by providing information that only you would have. This is done to protect you and your credit. Having the information you need ready will avoid a delay in receiving your credit report free by mail.



CARMELO

Mike Clover asked:


In this article we will discuss the misconception of free credit reports. There are lots of advertisements out there saying get your free credit report. But what exactly does a free credit report come with? I have personally seen about 3 different types of credit reports being advertised out there.

The first type of credit report is the credit report where you only get a credit report from one of the bureaus. There are 3 bureaus, and they are Equifax, Trans Union, and Experian. Typically the offer includes a report only from one of these bureaus. You might ask yourself how does this help me, and the answer is it does not help very much. The reason is since there are 3 bureaus, and they all report somewhat different information; you might want to get a credit report from all three bureaus. This is called a tri-merge, or a 3-1 credit report. In other words you get one report with all three bureaus and what they are currently reporting about you in regards to loans outstanding with your creditors.

The second type of credit report is the 3-1 credit report with credit score. This is somewhat better; you get all three bureaus reporting your information along with only one of the agencies giving a score. Well you might ask yourself again, what is the advantage and disadvantages of this type of credit report? Since there are 3 bureaus reporting your credit, it would only make sense to get all 3 scores since that is what most lenders look at. Mortgage companies pull your 3-1 credit report with all three scores and typically use the middle score for qualifying purposes. If this is the industry standard in the qualifying process, shouldn?t you see the same report? I would have to say yes.

The third type of credit report is the 3-1 credit report with all 3 scores. This is the best type of credit report, because it is what lenders look at. Most people out there getting a free copy of there credit reports are not really sure what they are getting. Annualcreditreport.com advertises that you are entitled to a free copy of your credit report once a year, but fail to mention you don?t get your scores. It is in your best interest to get your credit report with all 3 bureaus and all 3 scores, especially since this is what most creditors look at in the determining process for lending you money.

Here is the break down for credit scores and how they are classified for mortgage:

? 780-850 ? Low Risk

? 740-780 - Medium ?Low Risk

? 690-740- Medium Risk

? 620-690- Medium High Risk

? 620 and Below ? High Risk or ?Sub-Prime.?

With all of this being said, it obviously makes more sense to get your 3-1 credit report with all 3 credit scores. Especially since that is what creditors are looking at. When pulling a consumer credit report it does not affect your credit scores.



ISAAC