There are three major credit reporting agencies within the United States: Equifax, TransUnion and Experian. These are the organizations that lenders go through to verify potential borrowers credit worthiness.
Federal Law indicates that individuals are able to receive one copy of their credit report from each of the three agencies annually, and at no charge. Its a good idea to look it over once a year to make sure there are no errors or omissions.
How do you read a credit report? There are abbreviations and numbers and codes, and for people who are looking at them for the first time, they can be a little confusing.
Obtaining Credit Reports
In order to get your free credit reports each year, you can go to www.annualcreditreport.com, which is the only authorized source for free annual credit reports under the September 1, 2005 federal law. If you go directly to the credit reporting agencies, there will be a charge to view your report- unless you qualify for another criteria to view a free report (being denied credit, for example).
If you want to monitor your credit report more often than annually, you can sign up for reports at any of the...
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