Typically a credit report can cost from $8 – $10 except under certain circumstances (e.g. you’ve been declined credit based on information obtained in a credit report). The small cost probably deters some people from obtaining their credit report, but truly, it shouldn’t. That’s a small price to pay to protect yourself.

The Fair and Accurate Credit Transactions Act of 2003 (FACTA), however, will let more frugal people also obtain a copy of their credit report. It requires the three national credit bureaus – Experian, TransUnion and Equifax to provide consumers with a free copy of their credit report once every 12 months.

What Does This Mean For You?

If you play your cards right, you can obtain a copy of your credit report all year long. Just get a copy from Experian in January, Equifax in May and TransUnion in September (or any way you want to do it). The point is to get one report every four months.

You can obtain a copy of your report online, by phone or by mail. If you request it online, you will have to answer some security questions to verify your identity. When I requested my last report, the questions were regarding my car loan (who financed me and how much the loan was for). Sometimes they’ll ask you which county you live in or if you’ve ever lived on a certain street. It’s a multiple choice questionnaire so you shouldn’t have too much trouble with it.

Get Your FREE Credit Report NOW!

www.annualcreditreport.com

And, as a side note, please do not get scammed into visiting a look-alike site. There are many malicious people who are just waiting for you to visit their site so that they can sucker you out of your money. If you’re in doubt – visit http://www.ftc.gov/freereports and follow the link on that site to make sure you get to the correct page.