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Free Annual Credit Report- The Good And Bad

- Aug 15, 2023 credit0 comments

The FCRA (Fair Credit Reporting Act) instructs all three credit bureaus that they must provide to every American consumer the right to receive a free copy of their credit report annually. But, as the saying goes, “When getting free honey, you may get stung too”. So here in this post, I will go through how and when to request your free annual report. I will also explain when to make sure you don’t get ‘stung’.

You can get them weekly

This started from Covid, but it never stopped. You can get a free copy of your credit report once a week instead of once a year. This may stop at any time but as of the time of writing this post, weekly credit reports are still available. 

How to request a free copy of your credit report

The three credit bureaus; Experian, Equifax, Transunion, have set up together, a one-stop-shop where you can request your annual free credit report from all three bureaus. You can request the report in a choice of three ways:

  • Online: Visit annualcreditreport.com and fill out the form found there.
  • Phone: Call 1-877-322-8228 and follow the prompts.
  • Mail: Mail a letter to:
    Annual Credit Report Request Service
    P.O Box 105281
    Atlanta, GA 30348-5281

Beware! Read this before ordering a free copy of your report

When sending in a dispute to a credit bureau, the FCRA states that the credit bureau must complete the investigation within 30 days of when they receive the dispute letter. But here is the ‘sting’!  At the time the FCRA did you a favor by giving you the right to receive a copy of your credit report; they also gave the credit bureaus a ‘treat’. The FCRA states that if the consumer ordered a free copy of the credit report before the dispute, then the credit bureaus have 45 days to complete the investigation!

Conclusion

If you’re not planning to dispute anything on your report or you don’t care if the dispute will take longer to complete, then go ahead and take advantage of your right and request a free annual copy of your credit report. But if you’re going to apply for a mortgage or a job, or if you want to get your credit report corrected as soon as possible, then rather pay for a copy by going directly to all three credit bureaus.

Frequently asked questions
Where can I get a free copy of my credit report?
Annualcreditreport.com
What's the difference between a Vantage credit score and a Fico credit score?
Fico is the original credit score model. Vantage is a competition that opened in 2006. As of now, 90% of lenders still use the Fico score model

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Sam Sam has nearly a decade's worth of experience educating his many readers on everything credit. Sam spends his days checking out credit cards for a full report, from the minute benefit details to the shebang of welcome bonuses. Plus studying the ins and outs of building proper credit. It’s his favorite pastime and he loves sharing it with others.

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