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This tip sheet answers some of the most Frequently Answered Questions around consumer access to credit reports.
FAQ: Where can consumers get a free credit report?
www.annualcreditreport.com is the only source for the free federally legislated annual credit reports.
FAQ: Does a free report come with a free score?
No. Credit reports do not include the score. Credit scores are separate products offered by credit bureaus and credit scoring agencies. Consumers may purchase their score(s) when ordering reports. However, the score a consumer purchases may not be exactly the same score that a creditor purchases.
FAQ: Many websites market free credit reports and scores. Are they free?
Many websites and companies market free reports with scores. While some are spam, many are legitimate sites like the major credit bureaus and Fair Isaac. However, read the fine print – in most offers, the consumer must provide a credit card and is automatically signed up for an ongoing fee-based service such as credit monitoring or ID theft protection, with a monthly or annual fee. There is often a 30-day cancellation policy, so If the consumer remembers to cancel the membership prior to the first monthly charge, they may succeed in getting a free credit report. Most consumers end up paying!
FAQ: Do consumers and lenders receive the same reports?
Basically. Credit reports provided to consumers are customized for consumer use only. These reports are more user-friendly and provide educational information for the consumer. The reports are clearly organized with narrative labels and a list of attributes that may be pulling the score up or down. The consumer report also includes information on how to dispute inaccuracies on the report. In addition, it has been reported that credit bureaus may use stricter criteria when preparing reports for consumers and less strict criteria for reports provided to lenders. As such, reports lenders pull may have additional tradelines that may or may not belong to the consumer but are missing a SSN or a correct address or a Date of Birth.
FAQ: Is it important for consumers to pull 3 free credit reports each year?
Pulling their 3 free credit report each year is the best way for consumers to verify the accuracy of information in their file with each bureau. Since the credit bureaus each maintain separate databases and collect their own information, it is important to check all three reports each year.
FAQ: Is it best to pull the three free annual reports at once or staggered?
If a consumer has not reviewed their report in a long-time or has plans to apply for a job or make a major purchase in 6-12 months, it is probably best to pull all three reports at once to see the data at all three bureaus. This will give the consumer adequate time to ensure that their report is accurate with all three bureaus and dispute any inaccuracies. This will give a full picture, let the consumer compare reports, and help them verify and dispute information as needed. Once a consumer has a handle on their credit reports, it is often useful to stagger and pull one report every 3-4 months to keep an eye out on credit regularly.
FAQ: When a consumer pulls their credit report, does it impact their score?
NO! When consumers access their own credit reports it is not considered an "inquiry" and will not impact their score. Consumers can access their own credit reports as often as they wish with no negative impact to their score or report. While consumer pulls may be listed on the report a consumer sees as a "soft inquiry", they will not be listed on the credit reports purchased by creditors, employers, insurance companies, and other businesses.
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