How do I get a free credit report?
Under the Fair Credit Reporting Act (FCRA), consumers are entitled to one free credit report in a 12 month period. The federal law provides consumers with one free credit report from each of the three major national credit reporting agencies (CRAs, i.e., Experian, Equifax and Trans Union). Click here for a free credit report. Consumers should not be fooled by ads from deceptive advertisers that claim to provide a “free” credit report, but only after enrolling in a membership program for a FEE!
The FCRA also provides consumers the right to receive a free credit report after receiving an adverse action letter. An adverse action letter may inform a consumer that his or her application for credit fhas been denied. The adverse action letter must include the name of the CRA that provided the consumers’ credit report for review by the potential creditor. Upon receipt of the adverse action letter, the consumer has 60 days to request a free credit report from the appropriate CRA. If the request is made in a timely manner (within 60 days of receipt of the adverse action letter), the CRA has a duty to provide the consumer with a free credit report.
It is important to request and review your credit report on a regular basis to verify the accuracy and completeness of your credit report. The FCRA provides a private cause of action for consumers to file suit against credit reporting agencies and furnishers for not having and following reasonable procedures to ensure the accuracy of consumers’ credit reports. When CRAs continue to report inaccurate or incomplete information, consumers may be entitled to money damages and attorney fees under federal law.