Your Access To Free Credit Reports
Below is a MRR and PLR article in category Finance -> subcategory Wealth Building.
Your Guide to Accessing Free Credit Reports
The Fair Credit Reporting Act (FCRA) grants you the right to receive a free credit report every year from the three major nationwide consumer reporting agencies: Equifax, Experian, and TransUnion.
Annual Access
Each year, you can request a free credit report from each of these agencies. Beyond the federal entitlement, some states offer additional free reports. States such as Colorado, Georgia, Maine, Maryland, Massachusetts, New Jersey, and Vermont have laws providing extra access to credit reports at no cost.
Understanding Your Credit Report
While often called a "credit report," the term actually refers to a "credit file disclosure." This document lists entities that have accessed your consumer report within a specific timeframe, known as "inquiries." It also contains details not usually shared with third parties, like requests from companies for pre-approved credit offers or medical account information.
A credit report provides information about your residence, bill payment history, and any legal issues like lawsuits, arrests, or bankruptcies. Companies, including creditors, insurers, employers, and landlords, use this information to assess applications for credit, insurance, employment, or housing.
Additional Free Reports
You are eligible for an additional free credit report if a company takes adverse action against you, such as denying your application for credit, employment, or insurance. To receive this report, you must request it within 60 days of the action. You're also eligible for one free report per year if you're unemployed and planning to seek employment within 60 days, if you're on welfare, or if inaccuracies in your report result from identity theft.
For further details, visit [Your Access to Free Credit Reports](http://ftc.gov/credit).
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