Recognizing the value of good credit is an important first step in gaining control of your financial life, getting the best interest rates, and even landing that next job or promotion. The next step is getting your hands on the information that others — including businesses you hope to borrow money from, get credit from, or be employed by — use to learn about your credit history.
When you should get copies
The information in your credit report is used for many purposes — from granting a mortgage to getting homeowner's insurance to renting an apartment — so you should get copies of all three of the big-three (Equifax, Experian, TransUnion) at least once a year. If you're planning to make a big purchase, look for a job, or buy insurance, get your report a month or two in advance; this will give you time to dispute any errors (like from your sister's last bankruptcy) that may have ended up on your report before people start checking out your credit.
 | Don't get your report more than a couple months' in advance, however; if you get the report too soon, new errors may slip into your file between the time you got your report and the time your report was checked by interested parties. Real-estate closings can be delayed, mortgage rates can go up, and job opportunities can be lost if there is incorrect negative information on your credit report. So give yourself time — but not too much time — to get the report, correct it, and then go forward with your plans. |
You should get a copy of your report when you're planning to:
- Apply for a professional license (such as a license for selling securities or insurance)
- Apply for a security clearance
- Switch insurance companies or buy new insurance
 | Even if none of the preceding situations applies to you, get copies of all three of your reports annually. Why? Because people may be making decisions about your future, using your credit information without your knowing it (for example, you may be considered for a promotion at work). Because you can get one copy of each report free once a year, consider this plan: Every four months, you order a report from one of the three bureaus, rotating through them so that you'll have three separate chances, at spaced intervals, to see if something unexpected has shown up. |
Where to get your reports
The FACT Act now requires each of the credit bureaus to provide you with a free copy of your credit report each year, but don't expect them to come knocking on your door, offering you your free copy. You have to ask.
That said, getting a copy of your credit report from any of the big-three credit bureaus is simple. You can get things started with a phone call, a visit to the bureau's Web site, or through the mail. Here's the contact information for all of the three major credit-reporting bureaus:
- Equifax, P.O. Box 740241, Atlanta, GA 30374; phone: 800-685-1111
- Experian, P.O. Box 2104, Allen, TX 75013-2104; phone: 888-397-3742
- TransUnion, 2 Baldwin Place, P.O. Box 1000, Chester, PA 19022; phone: 800-888-4213
| The big-three bureaus have set up a central source where you can get your free credit report. If you go to any of the bureau Web sites, they'll redirect you to this central source. So why even go the individual sites? Because each site has some informational and educational features, and they're the places for you to order (at a cost) a credit score in addition to a free credit report. If you want to skip the individual sites and go to the central source that allows you to pick up all three reports, here's the information you need: |
Annual Credit Report Request Service P.O. Box 105281 Atlanta, GA 30348-5281 Phone: 877-322-8228
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