How To Get And Read A Free Online Credit Report

It is important that you understand how to read your free credit report because of the great impact that your credit report score can have on your life. When you understand your free credit report and your eligibility status for credit and loans, you will be able to take action to fix your credit score if your credit score is low.

You and any Lender can examine your Credit Report

You can receive your free credit report online from different websites. It is a requirement of the Federal Trade Commission that you be provided with a free credit report annually from the three major credit agencies that include Experian, Equifax and TransUnion. You can get your free credit report online from any of the many websites that are available to help you with obtaining it. Your credit report can also be requested by banks, credit agencies, property owners and other credit services.

Five Elements of your Credit Report

Your credit report is divided into five main areas:


Your personal information is on the report and this includes your name, address, phone number, social security number and other private information.
Your credit report will have information from collection agencies that have a history with you.
Information from public records, including items such as civil judgments and bankruptcy, will also be contained in your credit report.
Open accounts such as leases, utility accounts, credit cards and loans will appear on your credit report.
You will also be able to view the requests for your credit report that have been made by banks, lenders and other interested parties.

Carefully Check your Credit Report for Errors and Fraud

When you receive your credit report and you know how to read your credit report, you can familiarize yourself with all five elements of the report. Check the data for any errors, fraud, theft or outdated information. Fraud is a common activity and if unchecked, it could affect you negatively by lowering your credit report score. When you read your free credit report and you do find any errors that affect your credit score, contact the credit agency for error correction.