Consumers have the right to access their consumer credit report at anytime with no penalty to their score. This tool summarizes the free and not so free options for accessing credit reports.
There are 4 ways that a consumer can access their report:
1. Lenders can share information (and reports) with consumers who are applying for credit.
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Reviewing reports with lenders is a great way for consumers to understand their reports:
- Lenders are experienced at reading reports and can help clients understand.
- Lenders can discuss the positive and negative credit factors on the report in terms of the specific underwriting requirements of the credit product the consumer wants.
- Consumers will see the same report, information (and score) the lender sees.
FAQ: Can lenders share credit reports?
Credit bureau agreements may prohibit lenders from giving a copy of credit reports to the consumer. However, this does not prohibit lenders from sharing the information on the report with the consumer. Consumers should be ready with a paper and pen to write down critical information as well as the scores from the credit bureaus.
Note: According to Experian, they no longer restricts lenders sharing their credit reports. Experian strongly recommends that consumers access their free Consumer Education report from annualcreditreport.com or Experian.com when they need to correct or update information on the report. The Consumer Education report provides clearer information for consumers, instructions on how to dispute information, as well as additional contact information on creditors to make this process easier.
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Reviewing reports with housing and credit counselors is also a great way for consumers to review a report with an expert to better understand their reports and create an action plan for building credit.
2. Consumer credit reports are free at annualcreditreport.com
Annualcreditreport.com is THE official website for consumers to access their free federally legislated credit reports. Consumers can order reports from each of the major credit bureaus from this site.
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.
FAQ: Can immigrants with ITIN numbers access free credit reports?
Yes, but it is not so easy. Consumers without SSN cannot request copies of their credit report online - neither at www.annualcreditreport.com nor directly from credit bureaus. Consumers without a SSN can print and manually complete the application - with their ITIN number in place of the SSN - and mail it in as a written request. If the credit bureau is able to match the consumer application with a consumer in their files, they will mail the consumer a copy of their credit report.
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: 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.
3. Consumers can access additional free copies of their reports directly from the credit bureaus under special circumstances.
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When a business denies them credit, insurance, or employment because of information on the credit report.
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Consumers can also access free copies of credit reports if you:
- Are unemployed and intend to apply for employment in the next 60 days
- Are on public welfare assistance
- Believe your file contains inaccurate information due to fraud
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Consumers can request a free copy of their credit report in the case of fraud. There is not one single definition of fraud, but types of credit fraud can include:
- Identity Theft: the unauthorized use of personal identification information.
- Identity Assumption: long term victimization of personal identification information.
- Fraud Spree: unauthorized charges on existing accounts.
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Many states have legislation giving consumers access to additional free or low cost reports. These reports are in addition to the federally legislated reports and can be ordered directly from each credit bureau. For example:
- Colorado, Georgia, Maine, Maryland, Massachusetts, New Jersey, and Vermont state law provides residents a free credit report per year. (This is in addition to the free report obtained at www.annualcreditreport.com).
- California, Colorado, Connecticut, Maine, Maryland, Massachusetts, Minnesota, Montana, New Jersey, US Virgin Islands, and Vermont residents may purchase additional lower cost credit reports through the credit bureaus.
- More information on states fees and laws for accessing consumer credit reports.
4. Consumers have a right to purchase copies of their report at any time.
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Consumers may purchase their reports at any time directly from the three major credit bureaus:
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Consumers may purchase any or all (i.e. a tri-merge) credit bureau reports from Fair Issac (aka FICO). Purchasing a report and score at www.MyFico.com is often more expensive but ensures that the consumer receives a FICO score.
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