Is There Such A Thing As A FREE Credit Report?

By Mike Wayman

You would think that since your credit report is all about you and your personal credit and spending history, you would easily be able to obtain a copy of the report when you wish to. While in theory this is the truth, it is sometimes easier said than done. However, you are legally entitled to a free copy of your own credit report once every year, and it’s not impossible to obtain one.

The Annual Credit Report Request Service, or “ACRRS”, was established to address the rights of American citizens to have annual access to their credit reports. Until 1989, it was not even considered a legal right to view your own credit report, so this was a large step forward toward protecting the rights of American consumers who want to be aware of their own financial standing. The three major credit reporting agencies, Equifax, Trans Union, and Esperian set up the ACRRS to allow Americans to gain access to their personal credit histories.

It should be remembered that potential employers and any lender you apply for a loan with also has access to these reports. Your credit report is a kind of barometer for banks, credit unions, property leasers, and even insurance companies to use in deciding the level of risk they believe you pose as a borrower, renter, or insured party. It is a good idea to obtain a copy of your credit report annually so that you know where you stand.