Once per year, the Free Credit Reporting Act, amended by the FDIC, permits American consumers to request a free credit report from three major credit reporting organizations: Equifax, Experian and TransUnion.
With an annual revenue of over $1.2 billion in 2003, this business intelligence company provides easier ways to find, approve and market to target customers. Equifax Inc. provides consumer with easier way to buy products or services, along with better personal credit insight and management.
Supporting clients in 65 countries, Experian provides information, analytics tools and marketing services to help risk and reward management of commercial and financial decisions.
TransUnion is a Chicago-based company, founded in 1968. Supporting clients in 29 countries, this information solutions company is a customer partner in business intelligence and commerce. Customers can manage risk and capitalize on market opportunities.
Annualcreditreport.com – Your Free Credit Report Resource
Equifax, Experian and TransUnion are in charge of Annualcreditreport.com. Consumers can obtain a free credit report from each of these agencies through its secure website, phone or mail. It is up to you whether you want to receive a free credit report from all three agencies or one at a time. Advantages and Disadvantages of a free credit report from Annualcreditreport.com includes:
- A free credit report from each of the three major agencies (i.e. Equifax, Experian and TransUnion) every twelve months.
- Take control of identity theft by utilizing this resource.
- Your free credit report is viewable immediately upon proof of identification.
- The website owners will not approach any consumers in email, phone or mail
- Credit scores are an add-on feature of a report. Fees are charged to obtain this additional information in after you receive your free credit report.
- Any credit score obtained through Annualcreditreport.com, after receiving your free credit report, is a “VantageScore,” not a “FICO” score.
- The FCRA now gives the credit bureaus 45 days to investigate the credit reporting, rather than 30, for consumer disputes.
Free Credit Report – Negative Information
Negative information on a free credit report is never good to have. The length that negative information stays on your report depends on the type of information.
A basic breakdown of estimate length your negative information will remain is:
- Late payments: 7 years
- Bankruptcies: 7 years for completed Chapter 13 bankruptcies; 10 years for Chapter 7 bankruptcies
- Foreclosures: 7 years
- Charge Offs: 7 years
- Collections: 7 years, depending on the age of the debt being collected
- Public Record: 7 years, although unpaid tax liens can remain indefinitely
Additional Information on Your Free Credit Report
According to Annualcreditreport.com, The Federal Trade Commission (FTC) cautions consumers to be wary of companies that make claims regarding credit repair, and some suggested warning signs include:
- Organizations claiming to remove late payments, bankruptcies and other information from your free credit report
- Organizations that charge large amounts of money to repair credit
- Companies that repeatedly seek to verify account information month after month
- Organizations that hide their address and contact information and push consumers to make decisions immediately
Proudly providing expert free credit report information in Kansas City and Wichita since 2009.