Remember when we said credit reports are compiled when requested? That means your credit report includes the latest information reported by your lenders. If your lender hasn’t reported you paid your balance off yet, for example, the last balance reported will show up. It may take up to 30 days for your current balance to be reported. (And by then, it may have changed again.) Also remember that some accounts, like medical bills, are only likely to show up on your credit reports if they have been turned over to collections. Because reporting accounts is voluntary, you may not see all of your loans on your reports or only appear on some reports and not others.
You can order your free credit reports online from annualcreditreport.com, the only authorized website for free credit reports. This is the only site authorized to issue free credit reports, so be aware of imitation websites that charge unnecessary fees. Be prepared to provide and verify your personal information, such as your social security number and address.
A credit report is a detailed report of an individual's credit history prepared by a credit bureau. Credit bureaus collect information and create credit reports based on that information, and lenders use the reports along with other details to determine loan applicants' credit worthiness. In the United States, there are three major credit reporting bureaus: Equifax, Experian and TransUnion. Each of these reporting companies collects information about consumers' personal details and their bill-paying habits to create a unique credit report; although most of the information is similar, there are often small differences between the three reports.
It’s a good idea to look into inquiries from companies whose names you don’t recognize. While it’s possible they could be from companies you’ve done business with (if they report under a different company name, for example), they could also indicate fraud like identity theft, which we mentioned can bring down your credit scores. You’ll want to dispute any errors you discover as soon as you can to avoid further damage. Not sure where to start? You can learn more about disputing an error on your credit report by reading this primer.
A: If you request your report online at annualcreditreport.com, you should be able to access it immediately. If you order your report by calling toll-free 1-877-322-8228, your report will be processed and mailed to you within 15 days. If you order your report by mail using the Annual Credit Report Request Form, your request will be processed and mailed to you within 15 days of receipt.
When you apply for any new line of credit - for example, a new credit card - the creditor requests a copy of credit report from one or more of the credit bureaus. The creditor will evaluate your credit report, a credit score, or other information you provide (such as income or debt information) to determine your credit worthiness, as well as your interest rate. If you're approved, that new card - called a tradeline, will be included in your credit report and updated about every 30 days.
Only one website is authorized to fill orders for the free annual credit report you are entitled to under law — annualcreditreport.com. Other websites that claim to offer “free credit reports,” “free credit scores,” or “free credit monitoring” are not part of the legally mandated free annual credit report program. In some cases, the “free” product comes with strings attached. For example, some sites sign you up for a supposedly “free” service that converts to one you have to pay for after a trial period. If you don’t cancel during the trial period, you may be unwittingly agreeing to let the company start charging fees to your credit card.