My Journey Into the World of Free Credit Reports
Even though I am fortunate enough to live in one of the western states where residents have been able to request their free credit reports since December, I didn't get around to actually requesting mine until just this past week. I'll give you a summary of how it went so you can have an idea of what to expect if you're wanting to try it yourselves.
First off, I opened up a browser window and visited Annualcreditreport.com. Sidenote: That link should work, but if not, just type it in your browser. For some reason the credit bureaus have decided to adopt the unusual policy of only allowing incoming links from certain sites. I guess their thinking is that it will somehow reduce fraud or something, but it seems like backward thinking to me. Links are what make this a web.
Once I got to the site, I figured the process would be as simple as entering my information once, then simply selecting which bureaus' credit reports I wanted to see. Unfortunately, it's not that simple, but the annualcreditreport site did a pretty good job of helping me find my way around.
First off I had to choose my state from a drop down menu on the homepage. So I selected Utah and clicked "go". Then thy asked for my personal information, including social security number, date of birth, and current address. If I hadn't lived there for at least 2 years, I would also have had to put my previous address. Then it takes me to a page where I can select which of the three major credit bureaus' credit reports I want to receive (see the screenshot below). You can choose to see just one of the burueaus' credit reports, or you can choose to see all three. The order of the credit bureaus is random, so it won't necessarily be in this same order when you go to request your credit report.
The first credit report I tried to request was Experian. When I clicked on the "next" button on the annual credit report site, it took me to the Experian website, where it asked me four questions based on my credit history. The questions were related to the date a loan was first issued and the payment amounts for each loan. One of my questions was related to a mortgage loan, but none of the answers seemed right, so I selected "none of the above". I guess they didn't like my answer because it said there was a problem processing my request or something like that. It wasn't really clear from the error message if it was a problem with their system or if it was a problem with my answer. I clicked the back button on my browser, but it wouldn't let me try again (probably a good security measure). This little checkpoint has been known to cause a lot of problems with people requesting their credit reports online because mortgages are often sold several times, so it can be confusing to know exactly which bank they're asking for. It can become even more confusing if you've got a home equity loan thrown into the mix, because it can ask about a mortgage loan, when it really means the home equity loan.
Anyway, back to the annual credit report site, where it seems to think I already got my Experian credit report, so it gives me the option to request the other two. I came to realize that the annual credit report site is simply a referral site to send people each credit bureau's site to actually request the credit reports.
Next up was Equifax. After passing a quiz similar to the Experian one regarding certain items on my credit report, I am given the option to pay $6.95 to get a FICO credit score based on my Equifax report. Might as well shell out the 7 bucks, because what good is a credit reportwithout a credit score? I also took advantage of their offer to set up an account with Equifax so I can access my account online for 30 days. It didn't cost anything extra for that, but if I didn't set up the account, it would have been a one time viewing of the credit report. They also threw in a free credit ranking analysis, that shows me how my credit and debt compare to everyone else. This is supposedly $7.95, but I'm a marketing guy, I know how those "retail values" work. While they're at it, they offered to show me "credit offers" based on my credit score/credit profiile. I think that means credit card and loan offers, but I'm not sure exactly because I declined their offer. They also had a "home valuator" add on for $6.95. I declined that one, too. At the bottom of this page, there was a checkbox to opt out of marketing offers, which they said was in accordance with their privacy notice.
Lots of marketing going on, but I made it through and was immediately able to access my credit report and FICO credit score. The information was presented an an easy to understand format. Very straightforward and intuitive interface. One thing I really liked about Equifax is the fact that they gave me the option to get the FICO score along with my credit report. They are the only one of the three credit bureaus that gives that option. The other two offer credit scores (for a fee), but it's not a FICO score, it's a score that they come up with using their own proprietary algorithms, so it's not the same thing any lending institutions would ever look at to decide whether or not to loan you money.
After perusing my credit report and the associated information from Equifax, I clicked the link back to the annual credit report site. I was able to click over to TransUnion. Once I got to the TransUnion website, I was again asked some questions to prove it was me, then it asked me to set up an account. It recognized me as a past Transunion customer based on my personal info, so it asked me to login. The only problem was I didn't know my login. I tried a few possible username/password combinations with no luck. Then I checked my old email to see if I had an email from them somewhere. I couldn't find it, so I decided to try searching my email with Google desktop search as a last resort. Sure enough, Google pulled through once again and I was able to find the email with the login information. Yahoo! er, I mean Google!
Once into their system, I was given the option to buy a credit score to go along with my report. Theirs costs $5.95. I decided to try it out. I almost passed out when I saw my credit score was almost 850. Then I realized they use their own scoring system that ranges from 400-925, which meant I didn't have such perfect credit after all. Still good, but not perfect. They really shouldn't toy with me like that. Why in the world do they have a scale that's so different from all the standard credit scoring systems anyway? That's screwy. Aside from the credit score issue, everything went very smoothly with requesting my TransUnion credit report. The credit report information was easy to read and understand. They had some good links to additional information about credit reports and also provided a place where you could dispute inaccurate items if necessary. I think all three of the credit bureaus offered a way to contact them regarding disputed items through their websites.
Two down, one to go. I still needed that pesky credit report from Experian, but it wouldn't let me request it when I clicked back on annualcreditreport.com because it thought I'd already gotten it. I was about ready to pick up the phone and do it the old fashioned way, but I decided to give it one more shot. I went back to the homepage on annualcreditreport.com and started over. I filled out all my personal information again and this time just selected to request the Experian report.
Interestingly enough, they asked the same questions about the same loans, so I figured out the answers they were looking for this time, and they let me in. Like the other two credit bureaus, Experian isn't going to miss a chance to cross sell a few of their quality products (and make a little money from their "free" customers), so they had some offers. I could have requested an Experian PLUS score that ranges from 330 to 830. After my disappointment with the TransUnion score, I decided not to pay the $5 for this one. Besides, I have a pretty good idea where my credit score will fall by this point--as long as they have accurate information on my credit history. They also offered a monthly credit alert service for $4.95/month that covers all three credit bureaus' reports and sends and alert if anything suspicious shows up on any of them. I opted not to do that alert for now.
Now that I was finally able to access my Experian credit report, the data was fine. Seemed easy enough to use and had all the info I needed. There were some weird display problems where it showed some of the information in this really skinny column. I'm guessing it was just a Mozilla compatiblity issue. Experian's developers probably only tested their application in IE and not Firefox, which is what I use. I was able to see everything it just looked funny, that's all.
Overall, the process of requesting my credit reports and credit scores was relatively painless. It took me about about two hours, but that includes the time I took to review each bureau's credit report before requesting the next. I was able to request all three online with only a few glitches, but it all worked out in the end. I can see how some people might run into problems and need to pick up the phone to get their credit reports.
The credit bureaus have done a fairly good job of making these credit reports accessible, but keep in mind that just having your credit report won't do you a lot of good if you're getting ready to apply for a loan or some other type of credit. Of course you can check the information on your report to make sure it's accurate, but you'll want to find out your credit scores (I recommend FICO) for each credit bureau to get an idea of how lenders will view your overall credit worthiness.
First off, I opened up a browser window and visited Annualcreditreport.com. Sidenote: That link should work, but if not, just type it in your browser. For some reason the credit bureaus have decided to adopt the unusual policy of only allowing incoming links from certain sites. I guess their thinking is that it will somehow reduce fraud or something, but it seems like backward thinking to me. Links are what make this a web.
Once I got to the site, I figured the process would be as simple as entering my information once, then simply selecting which bureaus' credit reports I wanted to see. Unfortunately, it's not that simple, but the annualcreditreport site did a pretty good job of helping me find my way around.
First off I had to choose my state from a drop down menu on the homepage. So I selected Utah and clicked "go". Then thy asked for my personal information, including social security number, date of birth, and current address. If I hadn't lived there for at least 2 years, I would also have had to put my previous address. Then it takes me to a page where I can select which of the three major credit bureaus' credit reports I want to receive (see the screenshot below). You can choose to see just one of the burueaus' credit reports, or you can choose to see all three. The order of the credit bureaus is random, so it won't necessarily be in this same order when you go to request your credit report.
Experian - take 1
The first credit report I tried to request was Experian. When I clicked on the "next" button on the annual credit report site, it took me to the Experian website, where it asked me four questions based on my credit history. The questions were related to the date a loan was first issued and the payment amounts for each loan. One of my questions was related to a mortgage loan, but none of the answers seemed right, so I selected "none of the above". I guess they didn't like my answer because it said there was a problem processing my request or something like that. It wasn't really clear from the error message if it was a problem with their system or if it was a problem with my answer. I clicked the back button on my browser, but it wouldn't let me try again (probably a good security measure). This little checkpoint has been known to cause a lot of problems with people requesting their credit reports online because mortgages are often sold several times, so it can be confusing to know exactly which bank they're asking for. It can become even more confusing if you've got a home equity loan thrown into the mix, because it can ask about a mortgage loan, when it really means the home equity loan.
Anyway, back to the annual credit report site, where it seems to think I already got my Experian credit report, so it gives me the option to request the other two. I came to realize that the annual credit report site is simply a referral site to send people each credit bureau's site to actually request the credit reports.
Equifax
Next up was Equifax. After passing a quiz similar to the Experian one regarding certain items on my credit report, I am given the option to pay $6.95 to get a FICO credit score based on my Equifax report. Might as well shell out the 7 bucks, because what good is a credit reportwithout a credit score? I also took advantage of their offer to set up an account with Equifax so I can access my account online for 30 days. It didn't cost anything extra for that, but if I didn't set up the account, it would have been a one time viewing of the credit report. They also threw in a free credit ranking analysis, that shows me how my credit and debt compare to everyone else. This is supposedly $7.95, but I'm a marketing guy, I know how those "retail values" work. While they're at it, they offered to show me "credit offers" based on my credit score/credit profiile. I think that means credit card and loan offers, but I'm not sure exactly because I declined their offer. They also had a "home valuator" add on for $6.95. I declined that one, too. At the bottom of this page, there was a checkbox to opt out of marketing offers, which they said was in accordance with their privacy notice.
Lots of marketing going on, but I made it through and was immediately able to access my credit report and FICO credit score. The information was presented an an easy to understand format. Very straightforward and intuitive interface. One thing I really liked about Equifax is the fact that they gave me the option to get the FICO score along with my credit report. They are the only one of the three credit bureaus that gives that option. The other two offer credit scores (for a fee), but it's not a FICO score, it's a score that they come up with using their own proprietary algorithms, so it's not the same thing any lending institutions would ever look at to decide whether or not to loan you money.
TransUnion
After perusing my credit report and the associated information from Equifax, I clicked the link back to the annual credit report site. I was able to click over to TransUnion. Once I got to the TransUnion website, I was again asked some questions to prove it was me, then it asked me to set up an account. It recognized me as a past Transunion customer based on my personal info, so it asked me to login. The only problem was I didn't know my login. I tried a few possible username/password combinations with no luck. Then I checked my old email to see if I had an email from them somewhere. I couldn't find it, so I decided to try searching my email with Google desktop search as a last resort. Sure enough, Google pulled through once again and I was able to find the email with the login information. Yahoo! er, I mean Google!
Once into their system, I was given the option to buy a credit score to go along with my report. Theirs costs $5.95. I decided to try it out. I almost passed out when I saw my credit score was almost 850. Then I realized they use their own scoring system that ranges from 400-925, which meant I didn't have such perfect credit after all. Still good, but not perfect. They really shouldn't toy with me like that. Why in the world do they have a scale that's so different from all the standard credit scoring systems anyway? That's screwy. Aside from the credit score issue, everything went very smoothly with requesting my TransUnion credit report. The credit report information was easy to read and understand. They had some good links to additional information about credit reports and also provided a place where you could dispute inaccurate items if necessary. I think all three of the credit bureaus offered a way to contact them regarding disputed items through their websites.
Experian - take 2
Two down, one to go. I still needed that pesky credit report from Experian, but it wouldn't let me request it when I clicked back on annualcreditreport.com because it thought I'd already gotten it. I was about ready to pick up the phone and do it the old fashioned way, but I decided to give it one more shot. I went back to the homepage on annualcreditreport.com and started over. I filled out all my personal information again and this time just selected to request the Experian report.
Interestingly enough, they asked the same questions about the same loans, so I figured out the answers they were looking for this time, and they let me in. Like the other two credit bureaus, Experian isn't going to miss a chance to cross sell a few of their quality products (and make a little money from their "free" customers), so they had some offers. I could have requested an Experian PLUS score that ranges from 330 to 830. After my disappointment with the TransUnion score, I decided not to pay the $5 for this one. Besides, I have a pretty good idea where my credit score will fall by this point--as long as they have accurate information on my credit history. They also offered a monthly credit alert service for $4.95/month that covers all three credit bureaus' reports and sends and alert if anything suspicious shows up on any of them. I opted not to do that alert for now.
Now that I was finally able to access my Experian credit report, the data was fine. Seemed easy enough to use and had all the info I needed. There were some weird display problems where it showed some of the information in this really skinny column. I'm guessing it was just a Mozilla compatiblity issue. Experian's developers probably only tested their application in IE and not Firefox, which is what I use. I was able to see everything it just looked funny, that's all.
Summary
Overall, the process of requesting my credit reports and credit scores was relatively painless. It took me about about two hours, but that includes the time I took to review each bureau's credit report before requesting the next. I was able to request all three online with only a few glitches, but it all worked out in the end. I can see how some people might run into problems and need to pick up the phone to get their credit reports.
The credit bureaus have done a fairly good job of making these credit reports accessible, but keep in mind that just having your credit report won't do you a lot of good if you're getting ready to apply for a loan or some other type of credit. Of course you can check the information on your report to make sure it's accurate, but you'll want to find out your credit scores (I recommend FICO) for each credit bureau to get an idea of how lenders will view your overall credit worthiness.
posted by Dave at 12:22 PM
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