The Annual Credit Report is the only authorized source under federal law from which you can get information on your financial status. They contain all information pertaining to you such as your date-of-birth, current and previous addresses, telephone numbers, current and previous employers, credit payment status, and even legal information if any. All your financial transactions are also recorded on this report. The Fair Credit Reporting Act (FCRA), and the state laws restrict access to this information. There are federal and state laws which control and set the standards for the consumer reporting agencies. These are called credit bureaus.
The 3 nationwide reporting agencies or credit bureaus that collect and collate this information are - Experian, TransUnion, and Equifax. You can get a report from them once in every 12 months. Thanks to this report, not only can you track and improve your financial status, but you will be able to know if you are a victim of fraud, deceit, or identity theft. It is a good idea therefore, to space out your requests from these bureaus. If you get them every 4 months, then you will have a fair idea of your financial health through the year. In the event o anyone requesting access to your file, you will see that this also features in your report. You can get your free report online, by telephone or by mail.
Remember that you can either get all 3 reports at the same time or space your credit report orders. It is important that you fill in all information required accurately because this is what will be evaluated should you apply for credit, insurance, employment, or when you want to rent a home. Keep up-dating the information so that it is correct at all times. You could space out your free credit reports so that you get one every 4 months from one or the other of the 3 major bureaus. Credit monitoring services are a boon because you might not be able to find the time in your busy daily schedule to monitor your credit report.
The FTC has given very clear guidelines in simple language as to what to do to prevent unscrupulous people from cheating you. They have also mentioned what you should do in case you suspect a theft. You will need to place a fraud alert on your credit report and file a complaint with the FTC.
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