And the Errors in My Online Credit Report are Free, Right?

A Credit Article Contributed by Mark Mcclelland

What Do I Do about Any Errors I Find in My Free Online Credit Reports?

The fact that the credit reports are free, or that you got them online, doesn't mean you can't dispute the accuracy of the data contained within. You always have that right, and you should exercise that right as well if need be. These reports are used not only to determine whether or not you get that loan you applied for, but also to determine the interest rate you'll pay on your credit cards.

But be sure you understand that the data contained in the reports, although it may be ABOUT you, does not BELONG to you. The data is owned by the credit reporting agencies. While you may know that some of the data contained in the reports is in error, you must dispute the accuracy of the data - and the words are important - you "dispute the accuracy of the data". It's only in error if the agency agrees with you and changes it; be that right or wrong - that's the way it is.

Where Can You Get a Free Credit Report, Online or Otherwise?

Currently (as of November 2004) there are several of ways to get a free credit report, with the possibility that you might be able to get them online:

1) If you've been denied employment, insurance, or credit within the last 60 days, you can get a free credit report from the three credit reporting agencies (CRAs),

2) You can also get a report if you're currently receiving public welfare assistance,

3) You can get a free report if you think your report is inaccurate because of fraud, and finally

4) You can get a free credit report if you certify, in writing, that you're unemployed and intend to apply for employment within 60 days.

Also, if it's after December 1, 2004 and your state has access to free reports according to the rollout schedule as published by the FTC in June of 2004, you have the right to request a free credit report from each of the CRAs once every 12 months. These reports are likely to be made available to consumers both online and in writing.

What Can Expect to See in My Free Online Credit Report?

Since this is a free report, you probably won't be able to get a whole lot of the bells and whistles available to those who actually pay for the reports. But you will get to see all of the basic information companies use to evaluate your application for credit, loans, employment, insurance, etc. This includes the following types of information:

* personally identifiable information, like you name address, birth date, Social Security Number, current employer, spouse's name, etc.

* employment history, home ownership history, current income, previous addresses, etc.

* credit payment history, including the lists of your creditors, how much credit you have with each, your payment history (on time, late, etc.), as well as other information like whether or not any of your accounts have been referred to a collection agency.

* Inquiries, including a list of all creditors tat have asked for a copy of your credit history within the last 12 months, and a list of those asking from your employment history within the last 24 months

* Public record information: this includes items that are a mater of public record, like bankruptcies, foreclosures, judgments, tax liens, etc.

As you can tell form this list, the nationwide credit reporting agencies are able to paint a fairly accurate portrait of your financial life with this data.