Equifax Free Credit Report Information
If you use credit, the issuer of that credit may send details of your account to Equifax, a credit bureau. Equifax takes that information, maintains it in a database and distills it into a credit report. It's important to know how and where to access your Equifax credit report for free.
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The Law
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The Fair Credit Reporting Act establishes consumer rights when it comes to a credit report. One of those rights is to have unfettered access to a credit report. In 2003, Congress passed an addendum to the FCRA called the Fair and Accurate Credit Transactions Act. This act gives consumers the right to receive one free credit report each year from each of the three major credit bureaus: Equifax, Experian and TransUnion.
Significance
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Prior to the passage of FACTA, although consumers had the right to see a credit report under the FCRA, they had to pay to gain access to it. Credit reports were free only under certain specific instances, such as a denial of credit or unemployment. Congress passed FACTA as a tool to help consumers fight an increase in the incidence of identity theft through increased awareness of the data contained on a credit report. Unfamiliar accounts, addresses or aliases on your credit report could indicate your identity has been compromised. The Federal Trade Commission reported identity theft as the number one consumer complaint of 2009.
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Benefits
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To comply with FACTA, the three bureaus established a website that allows consumers to order all three credit reports in one spot: annualcreditreport.com. Here, you can fill out an online form and gain immediate access to your Equifax report online. You will have to answer questions based on your Equifax credit report to validate your identity. These questions will pertain to data on your credit report that only you should know the answer to. If you can't answer the questions, you will have to order the report using the toll-free number or mailing address found on the website.
Considerations
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FACTA gives consumers one report per year from each bureau. If you access your Equifax credit report online, print a copy of it for your records. If you don't print it, then wish to view it later, the bureau will charge you a fee to do so. Also, keep in mind that FACTA provides for free credit reports, not free credit scores. Under the FCRA, credit bureaus are allowed to charge a fee for this service.
Warning
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Since the passage of FACTA, websites have appeared online that promise consumers a free credit report. Be careful: these sites may ask you for your credit card information and require you to sign up for a free trial of credit monitoring. If you don't cancel within the required amount of time, your card will be charged each month until you do. In 2005, the Federal Trade Commission sued Experian, owner of the site freecreditreport.com, for its deceptive advertising practices. Experian settled the suit and agreed to reimburse consumers that were charged for credit monitoring.
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References
- Equifax: FCRA Summary of Rights
- Federal Deposit Insurance Corporation: Credit Report and Scores
- Annual Credit Report: Free Credit Report
- Federal Trade Commission: Marketer of "Free Credit Reports" Settles FTC Charges
- Federal Trade Commission: Need Credit or Insurance? Your Credit Score Helps Determine What You'll Pay
