Are free credit reports available?

If you're like many Americans, you know that in the past it was nearly impossible to get a copy of your credit report unless, while making an application for new credit, a lender shared your report with you. This was very frustrating for people, since the data in our credit reports has a direct impact on our credit scores and whether or not we can qualify for good interest rates on loans and other credit.

Every consumer has three credit reports

Even more frustrating was the fact that every consumer has not one, but three, unique credit reports; one from each of the nation's credit bureaus - Equifax, TransUnion, and Experian. So if you were able to obtain a copy of a single report, you still wouldnít know what the other reports contained.

FACT Act and free credit reports for consumers

Fortunately for consumers, Congress passed the Fair and Accurate Credit Transactions Act (FACT Act) in 2003. This legislation granted U.S. consumers the right to one free credit report from each credit bureau every year.

In order to comply with the new law and meet the needs of millions of Americans, the credit bureaus joined forces to launch a website where consumers could request their free reports: www.annualcreditreport.com. Once you've placed your order, your credit reports will be available online for 15 days to review and print for your records.

Ordering your free credit reports

When you first go to the website, youíll need to select your state in order to begin the ordering process. Then, to access your reports, provide your private information including your birth date and social security number. Although for many people submitting their personal information online may seem risky, the www.annualcreditreport.com website takes full security measures to protect your data through VeriSign Secured and Central Source to protect your data.

Once you submit your data, you'll be directed to a new page to choose which credit bureau you want your report from. (You'll need to go through the process three times to get a copy of each report.)

How to obtain your credit score

While the FACT Act makes it possible for you to have copies of your credit reports, it does not have a provision for you to obtain free copies of your credit scores. If you'd like to know what your credit score is with each credit bureau, go to the individual websites: