A credit score, also called a FICO score, is derived through a mathematical formula devised by the Fair Isaac Corp. The formula is based on credit history that's reported to the three major credit-reporting agencies, TransUnion, Equifax and Experian. According to the Federal Trade Commission, the Fair Credit Reporting Act gives Americans the right to a free copy of their credit reports and total scores from each of the three major credit-reporting agencies every year.
Step 1
Call AnnualCreditReport.com at the toll-free number (877) 322-8228 as of December 2009. The site was created by the three major credit-reporting agencies to comply with the Fair Credit Reporting Act. Call from your home phone to process the request easily because much of your information is recorded and called up as you put in your request.
Step 2
Follow the automated instructions. You might be asked for your name, address, Social Security number and date of birth. You might have to provide a previous address if you've moved within the past two years. Annual Credit Report is overseen by the FTC and takes great pains to maintain security and privacy. The reports will be mailed to you within 15 days of the request.
Step 3
Choose one, two or all three credit reporting companies from which to receive a free annual report. Each of the three credit-reporting agencies receives credit history in a slightly different manner. Some lenders look at just one report to glean a score, while others, like mortgage companies, typically look at all three reports and deduct an average score to determine credit-worthiness.
Step 4
Order the report online at AnnualCreditReport.com instead of calling if you prefer. Only use this site; it is the only one set up in conjunction with the FTC and federal regulations. Credit reports can be quite long so prepare to print a number of pages, but you can get the report instantly.
Step 5
Download a form at the same site and mail in your request for a copy if you prefer using snail mail.
Tips and Warnings
- Take advantage of the law and order a free credit report from all three agencies every year just to make sure all of the information is correct and updated. It's good practice to check and make sure no one else is using your identify to obtain credit as well.
- Do not call the credit reporting companies directly as you will be charged for a copy of the report through them. Beware of the many scams online that offer free credit reports. There is only one website and one phone number that provides the free reports. The FTC warns consumers there are many sites online that invite you to join their business and receive free reports. There are always strings attached to these offers that will eventually cost you money. Do not reply to any emails regarding your personal credit report. Annualcreditreport.com will not send you emails requesting personal information.
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