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What Is a Credit Report?

Your credit report is like a journal of all your credit activity. It includes loans you have received as well as your repayment history. The report includes a summary of your credit histories such as the date your account was opened. It also contains detailed account information related to high balances, confidential information such as your credit card number and your type of credit account, from current and past ones. The personal information on your credit reports includes your previous and current addresses, employment history, and social security numbers. Knowing all the information your credit report contains, you may have frequent reason to request to see it. 

Requesting Your Credit Report

Even if you do not have a pressing need to request a credit report, financial planners advise that you do this once a year for better management of your hard-earned cash. Doing so should come at no cost to you. In fact, more than 20% of credit reports provided by financial institutions have at least one error in them. Because of this it does not make sense to pay to receive one; it would be a waste of money to do so. According to the Federal Trade Commission, the governmental body responsible for protecting America’s Consumers, every 12 months, entitles you to a copy of your credit report from credit reporting agencies. These agencies are Equifax, Experian, and TransUnion.  And if you space out your requests properly, you may receive an enumerated detail of what your credit looks like every 4 months. 

Numerous firms can give you a platform to monitor your credit report for free if you request it. You can make use of those below:

AnnualCreditReport.com 

This is a government-approved centralized site that grants you access to all three major credit bureaus once a year, at no cost. In order to access it, you don’t have to sign-up to receive your credit report. However, the only downside is that when you order for a detailed full credit report, your credit report wouldn’t be as easily comprehensible. It may contain dozens of pages, depending on the number of accounts you’ve had and your credit history.

Credit Sesame

Credit sesame is one of the best platforms for Single Bureau access. It retrieves your Credit information from your Transunion credit report and helps give meaning to your credit information. To access your information you have to create an online account. From there you will start receiving your credit details monthly. 

Unlike “Annualcreditreport.com”, Credit Sesame gives you access to your Transunion credit score. This it will give you an idea of what your credit standing is and make suggestions on other financial products.

Credit Karma

Credit Karma offers you access to two major credit reporting agencies, Equifax and Transunion. It is one of the best, free credit monitoring platforms. On Credit Karma, you don’t need to enter any credit card information to access your credit report. The only thing you need to do create an account at any convenient time. Their platform relays information about your credit report as often as once every week. That way, you can monitor your credit on time and up to the last cent. 

Credit Wise

Credit Wise is a free credit report monitoring platform, owned by Capital One, for checking your Transunion credit report and credit score. It is free for all platforms and is designed to bring simplicity to your credit monitoring process. Credit wise does not require you to enter any credit card details and your information is relayed to you by email. There is even a simulator for checking how a proposed financial decision will affect your credit score. Credit wise is one of the best platforms for helping you improving your credit score.

Conclusion 

Many companies in the US offer services for receiving your credit report at a small cost. Don’t fall for this! You can receive the same service for free and at the same quality. They say a little drop of water makes a mighty ocean, so gather your little drops and make your mighty ocean. 

Post Author: Ascend

Ascend is our username for a group of guest writers and industry experts who are passionate about personal finance and about helping people get and stay out of debt.

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