Free credit report

Did you know that you are legally entitled to a free credit report from each of the major credit reporting agencies once each year? Under certain circumstances the Fair & Accurate Transaction Act you may also be entitled to a free credit report if you meet any of the following conditions, even if you've already received a credit report this year:

• In the previous 60 days, you have received an adverse action notice based on information in a specific company's credit file on you
• You are unemployed and plan to seek employment in the next 60 days
• You receive public assistance in the form of welfare, Medicaid, food stamps etc.
• You have reason to believe that the information contained in a specific company's credit file on you is inaccurate
• You live in a state which authorises free credit reports for its citizens (as of November 2010: Colorado, Georgia, Maine, Maryland, Massachusetts, New Jersey and Vermont)

There are so many websites out there offering credit reports, often as part of a subscription-based monitoring plan or other service. The only authorised source for your annual federally-mandated free credit report is AnnualCreditReport.com You can also visit the individual credit reporting companies for additional information, or to address specific items from those companies' reports on you:

• Equifax
• Experian
• TransUnion

What about these other companies? What are credit monitoring services?

There are many companies that offer services designed to help you monitor your credit. This can be helpful when you are building or repairing credit, or as a tool to help protect yourself against identity theft (by alerting you to changes in your credit profile, which can occur if someone else is using/abusing your credit.) Always do your homework on such companies! One of the best and most reputable out there is FreeCreditScore.com You can get a free credit score and monitoring services to help determine your creditworthiness for a loan, protect yourself against identity theft/credit abuse and more when you know the score!

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