We all know how difficult it can be to get a credit report – and what’s worse is that sometimes we have to jump through hoops just to get that one report. Not anymore, as the government is releasing free credit reports every month!
What is a credit report?
You may not be familiar with the term credit report. A credit report is a summary of information about your financial transactions, debt, and repayment history. Every year, the Equifax and TransUnion credit bureaus collect this data from consumer reporting agencies to create credit reports for consumers.
A consumer credit report is a document that lists information about a person’s credit history. It includes their addresses, social security numbers, and any other relevant information that would be helpful in determining whether the consumer should be given credit.
How to get your free credit report
In order to get your free report, you will need to provide some personal information such as your name, Social Security Number and date of birth. The government will then give you a credit report based on their information. If you want to check for fraudulent activity or disputes on your credit report, you can do so for an additional fee or under certain circumstances.
One of the most important financial decisions you will make is to get a free credit report. Anyone can get a free credit report from annualcreditreport.com, which is run by the three major credit bureaus in America. There are four different ways to get your free credit report:
Is it really free?
You only need to pay $4.95 for a premium membership in order to get your credit reports for free. You also receive three additional credit reports and enough trial credits to look at every report for two months. This gives you the opportunity to take advantage of this service without being charged.
The government seems to be promising credit report information on the internet, but they’ll need your Social Security Number. That’s a lot of personal information you’re willing to give up.
The Pros and Cons of the Free Credit Report
The idea that any agency or company will provide you with a free credit report sounds too good to be true; but it may not be as good as it sounds. There are certainly benefits to getting your credit report for free, but there are also some potential drawbacks. Credit reports can help you to make informed decisions about financing, insurance, employment and even buying a home.
All consumers should be able to get a free credit report from their one of the three major credit bureaus. The downside is that you are likely to see errors in your report. The best option for those consumers is to keep a copy of the report for your records and make sure that you contact the bureau if there’s an error.