Information for those who ask "Am I entitled to my free annual credit report?"

In case you didn’t know, every American is entitled to a free annual credit report once a year. This is federal law and it is a fairly easy process. Read this informative article to find out how.

You can get your free credit report by requesting it over the phone, by mail, or online. The online method is one of the easiest ways to request a free annual credit report. Some people are under the impression that checking credit history or credit score will result in a reduction of their credit scores. This is not entirely the case. Checking your own credit score will not affect your credit scores at all. It is only negatively affected when other entities such as banks or financial institutions request your credit file.

You may be wondering, “What will my free annual credit report tell me?” The following are the most important aspects that it will cover.

1. Personal Information – This is one of the most basic, but most important pieces of information you’ll find in your credit profile. It is very important to ensure that the contact information listed exactly matches your actual contact information, as any discrepancy will mean possible identity theft or inaccurate information about you.
2. Credit Summary – This section will give you your credit score that can be compared to the national average. The national average credit score is in the 700 range, with an exact figure of 693 in 2009.
3. Individual Account Details – In this section you will be able to find details about your previous financial transactions, such as loan amount borrowed, repayment schedule, missed or late payments, etc. This aspect is very important as it will allow you to verify the accuracy of your financial history.
4. Public Record Information: If there was ever a lien against you or if you filed for bankruptcy or were evicted, it will show up in this section.
5. Credit Inquiries – This section will tell you how many times your credit history has been requested by various parties. A higher number of applications would reflect negatively on your credit score, although inquiries from the person in question will not negatively affect you.
6. Creditor Information – If you feel it is necessary to contact your previous creditors to discuss something, you will find a section that will conveniently list your creditor’s contact information.

Your credit report is authorized by the FCRA or Fair Credit Reporting Act, which is simply a federal law that allows three specific bureaus to give credit scores to individuals. Equifax, Experian, and Trans Union are the three institutions authorized to evaluate a person’s credit scores.

You can check your credit report and credit scores from 3 online bureaus by visiting the website below. Your financial future may depend on it.