What is a Credit Bureau and Why Do They Give Me a Free Credit Report?

A Credit Article Contributed by Annie Bauers

What Does a Credit Bureau Do and Why Do They Have a Free Credit Report for Me?

Experion, TransUnion or Equifax are the three credit bureaus and they can give you a free credit report. These are the only credit bureaus and if you write or call any of them they will provide you with a free credit report one time a year. You can also get a free credit report if you have recently denied for credit.

What the credit bureaus do is collect information regarding how consumers use their credit. These bureaus obtain this information from consumer financial transaction and credit inquiries. They get this information from as many of these financial transactions and inquiries as they can. The credit bureaus want as much information as they can get to put on your credit report.

Which Credit Bureau Should I Get My Free Credit Report From?

All three of the credit bureaus have the same information. Although in some instances a transaction does not show up on one credit bureau's credit report it will show up on others. For the most part all the information included on your credit report is on all of the credit reports. So when requesting a copy of a free credit report it really does not matter which bureau you request it from.

The reason you get the free credit report is the more important than from which bureau you request the free credit report from. The reason you get a free credit report from the credit bureau is to check you overall credit status, your credit score and to see if there are any errors on the credit report.

How Often Should I Get a Free Credit Report and How Many Times Can I Ask for One?

You should get z free credit report at least once a year. As a consumer you are entitled to one free credit report a year just for asking. However, if you have recently been denied credit you can request a free credit report from one of three bureaus at that time. If you have recently been denied credit it is a good idea to ask for a free credit report so that you can review it and see where there are problems with your credit.

ou should request a free credit report at least once a year to review it for any errors or information that is incorrectly listed on the credit report. Most credit counselors and financial advisors recommend that you look at your credit report about every three months. This is a good idea in case you do find errors on the credit report. You can find the errors and dispute them before you go to secure credit and are denied because of it.

By looking at your credit report periodically you will allow yourself time to dispute and fix any errors before making a large purpose like a house or a new car. You will be glad you did!