Government Free Credit Reports


Free credit reports are provided by the three major crediting bureaus. These crediting bureaus provide free credit reports as per the Fair Credit Reporting Act (FCRA). These credit reports are provided on a once annual basis to all citizens as provided for under this act. These credit reports are vital financial tools that can be used by consumers for repairing credit, identifying errors hurting their credit worthiness, and improving overall credit profiles and subsequently credit scores.



Every time a credit report is reviewed and analyzed, the consumer should look for and address errors or any misinformation represented. This is very essential because the debtor’s credit scores can be influenced through these errors significantly. All errors or misinformation on these reports are disputable and the credit reporting agencies have to provide the debtors with a new credit report within a period of 30 days of the request being made regarding a dispute.


free credit reports


Free Credit Scores


In most cases credit score requests have to be paid for separately, only the report itself is made available free of charge. Credit scores can also be supplied by the three credit reporting agencies as per the FCRA statutes but are not required by law to be free of charge. Credit reports depict the payment histories of consumers including the debts cleared or charged-off, credit card debt amounts and payments made or missed, late fines and penalties, default reports and various other finance related details. Debtors can request for the credit scores along with their free credit reports, but will in most cases pay a fee of $15 or more.  Just look online and be careful of hidden costs when requesting one. Often if there is a dispute about the credit report then the crediting bureaus will also provide for free credit scores if requested by the consumer.


Video: Your Credit Score (Bloomberg)


Financial Benefits and Free Credit Scores


Obtaining your free credit score is an essential tool which can help in getting financial benefits. Credit scores and your credit profile can and will affect nearly every aspect of your financial life.  Credit reports and scores are now being used to determine the following:




While many consumers cry foul at these credit checks affecting so many aspects of their lives, aside from just borrowing money, the truth is they work.  Study after study by lending institutions show that your credit report is very much a window into your lifestyle.  People who tend to have poor credit scores and reports tend to also have problems maintaining control over other aspects of their lives.  As long as these trends continue to coincide, these companies will not cease to use credit reviews in their selection processes.  The good news is a bad credit report is not a life sentence, you can repair your credit report and credit score with some diligent work.


Credit Scores and Their Meaning


Credit scores range from 300 to 850. Scores ranging from 700 to 800 are considered to be very good credit while scores below 500 are considered to be very poor or bad credit. The average credit score range from 550 to 650. Scores above 800 are considered to be excellent credit scores and are fairly uncommon.   


Video: How Do You Get an 850 Credit Score?


Credit score numbers have become more and more competitive as the lending industry’s available money to lend dry up in the current economy.  A 700 credit score will simply not get you the leverage with borrowing it would have gotten you just 2 years ago.  Get your credit score sooner than later and start yourself on the necessary path towards rebuilding your damaged credit past.