Monitor Your Credit For Free

We all know how important your credit report is.  It's used to evaluate your applications for credit, insurance, employment, renting a home and utilities such as phone and cable.  But how can you see what's on your credit report?  Secondly, how can you see for free?  It's actually much easier than you may think.  This week's video explains everything.

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Money Saving Minute #022 – Monitor Your Credit For Free

Because the information in your credit report is used to evaluate your applications for credit, insurance, employment, and renting a home, you should be sure the information is accurate and up-to-date. In addition, monitoring your credit is one of the best ways to spot identity theft.  The The Federal Trade Commission, otherwise known as the FTC, recommends checking your credit report at least once a year to correct errors and detect unauthorized activity.  There are several ways to check your credit.  Once is to pay a company to monitor your credit and send you alerts.  The other is to check your credit report on your own. 

The Fair Credit Reporting Act requires each of the nationwide consumer reporting companies to provide you with a free copy of your credit report, at your request, once every 12 months. The FTC enforces the Fair Credit Reporting Act with respect to consumer reporting companies.  The three nationwide consumer reporting companies have set up a central website, a toll-free telephone number, and a mailing address through which you can order your free annual report.  Do not contact the three nationwide consumer reporting companies individually.  If you do you will be asked to enroll in a credit monitoring service that comes at a fee to you.

To order, visit annualcreditreport.com, call 1-877-322-8228, or complete the Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. You can print it from ftc.gov/credit.

You may order your reports from each of the three nationwide consumer reporting companies at the same time, or you can order your report from each of the companies’ one at a time.  To monitor your credit over the course of a year, order your credit report from one of the three agencies every four months. If you would like help remembering when to check your reports send me an email and I will add you to my list of reminder emails that I send out.  You will receive an email in January telling you to check Transunion, a second email in May to check Equifax and a third in September as a reminder to check Experian. 

When you request a report it will show you which creditors are reporting, the standing of the account and if there have been any late payments.  The report will also show who has been looking at your credit for extension of credit, for promotional reasons and account reviews.  The final few pages list out your rights as a consumer such as opting out of prescreening.  What this report will not show you is your score.  If you would like your score then you are required to pay for it.

If you have questions about what you see on your free report or have general questions about credit please feel free to call me.

This has been Money Saving Minute number zero two two.  It’s your money and watching the Money Saving Minute each week will help you keep more of it.  Subscribe to the right, share with your friends below and as always your comments are welcomed.