Your Questions About Credit Reports Gov

Paul asks…

What gov’t agency monitors/regulates credit reporting companies such as Experian?

John answers:

Federal Trade Commission.
Cp

Betty asks…

Where can I find the site for my free credit report without a sponser?

I tried myannualfreecredit report but there were sites that required payment or membership. I just want the gov issued credit report with scores.

John answers:

1. Annualcreditreport.com is the ONLY place to get your federally-mandated free credit reports.

2. There is NO law requiring you to get free FICO credit scores. If you want them, you will have to pay for them.

3. The scores offered with your free credit reports are worthless add-ons. The only score worth purchasing is your FICO score. You can get that from MyFico.com, but you will have to pay for three of them…one for each bureau report.

Donald asks…

Why do we only get one free credit report in a year? Why is it that credit scores go down when you check it?

I dont understand why we cant be entitled (through the gov) to view our credit reports/scores MORE than once a year. And why any inquiry about it can cause it to go down? It all sounds very unfair.

John answers:

You got two questions here, so I’ll separate them to make it easier for me to answer:

1) Technically you get THREE free credit reports in a year. Each credit reporting agency (Equifax, Experian, and TransUnion) is required to provide you one free report each year. You do not have to request them all at the same time. A simple trick some people use is to request their Equifax report in January, an Experian report in May, and their TransUnion report in September. Companies that try to convince you that you need to check all three every time are trying to make money off of you. You can guarantee that if there was a problem with your credit (such as an individual opening a credit card under your name, or a delinquent payment) it would show up on all three reports and and you would catch it by viewing just one report.

2) I think by “check it” you’re referring to “credit inquiries.” There are two types of credit inquiries: soft inquiries and hard inquiries. While it is true that every time you check your credit report or other people verify your credit report (such as a landlord or new employer) they show up on your credit report, these are considered soft inquiries and do NOT affect or change your actual FICO score in any way. Hard credit inquiries are credit inquires from banks, credit cards, car dealers, or mortgage companies that are inspecting your credit for the specific purpose of opening a new account. Too many hard inquiries in a short time can lower your FICO score. The theory behind this is that if you suddenly start to apply for 10 different credit cards you could be trying to quickly gain access to credit because you need the cash and may not pay it back. If you are worried about hard inquiries lowering your FICO score then just don’t open new accounts. Each agency that is going to perform a “hard inquiry” on your credit report must first get your permission to do so.

Maria asks…

How to get your free credit report once a year. allowed by the gov’t?

John answers:

Annualcreditreport.com is the real free site to check your credit file for free once a year.

Https://www.annualcreditreport.com/ – NOT freecreditreport.com –

Thomas asks…

Where can I get a free copy of my credit reports?

I have tried www.freecreditreport.com and I am not satisfied with their service. Is there an official Gov.site or someone else I can contact? I am looking for a complete report with my Fico credit score and all 3 reports. EquiFax, Experian and TransUnion

John answers:

Www.annualcreditreport.com is the one recommended by the gov’t. Only problem I had was that what you receive is your report, not your FICO score. So I was able to review my reports for any inaccuracies, but I still don’t know my score. It’s my understanding that you can pay a small fee to receive the report and the score.

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