A new law that went into effect in 2005 allows individual to receive a free Equifax credit report from the company. This law also allows individuals to receive free credit reports from the other two major credit reporting companies Experian and TransUnion.

Because of the growing threat of identity theft, congress passed the law that allows everyone to receive the free Equifax credit report once a year. With the ability to view these reports for free, the government feels that more people will pay attention to what is in their credit report and be able to catch identity theft earlier than in the past.

To receive a free Equifax credit report, a person can do one of two things. They can send a written request to Experian asking that their report be mailed to them. Once they receive the request, Experian will mail the report and it will be received within six weeks. The other option is to log onto the internet and go to www.annualcreditreport.com.

Annualcreditreport.com allows a person to view not only their free Equifax credit report, but also their reports from the other two major credit reporting agencies.  They will request some personal information and then ask questions to verify the identity of the person requesting the report, and then let that person view their free Equifax credit report and the others for up to thirty days.

Once the free Equifax credit report is received, it needs to be checked for accuracy and anything that is not familiar reported to Equifax. This could include something as small as a discrepancy in the address history, or something as large as a loan or credit card being reported that the individual did not apply for.

With the law in place to receive a free Equifax credit report, more people should be requesting their credit reports and checking them to make sure that someone has not stolen, or tried to steal, their identity.

Your Experian credit report comes from one of the three major credit reporting agencies that loan and credit card companies use to determine your eligibility for opening an account, so the information contained in it is very important.  You need to review your Experian credit report at least once a year and make sure there is nothing negative on it or that someone hasn’t stolen your identity.

Your Experian credit report will contain a great deal of information about you that needs to be reviewed. You should start with your address and work history. Look at it and make sure that what Experian is correct. If you notice a discrepancy, note it so that you can contact them to dispute it after you have reviewed your entire report.

You should also look over the information in the active and inactive account sections. Your Experian credit report will show what accounts are currently open, if they are in good standing and what your credit limit is. It will also show closed accounts and if they have any charge offs or negative history.

Pay close attention to your negative history in your Experian Credit Report. This section will include late payments, judgments, write offs, ect. If you notice something that you feel is not correct, make a note of the company, the account number and how much they say you owe.

Once you have reviewed your Experian Credit Report, call the company to contest anything that you are not familiar with. Keep in mind that if it is a valid debt, the company that the debt is with will have proof somewhere that you are actually the one responsible for that debt. If you do find debts that are not yours and you feel someone has stolen your identity to receive loans and credit cards in your name, ask the company to put an alert on your credit report asking them to call you anytime credit is applied for.

What is a credit report agency? What do they do? Do they simply mail out credit reports when a request is made for one? No, they don’t. A credit report agency is an agency that makes the entries on your credit report that show if you have any open accounts, closed accounts, delinquent accounts, charge offs or judgments.

A credit report agency does send out credit reports when they are requested, but they are also who the loan, finance and credit card companies contact to check your credit report. They send the report to the company via email or mail, and that company uses the credit report supplied to decide if they should extend an offer of credit to you.

A credit report agency is also who you need to contact if there is something in your credit report that you wish to dispute. It is only through them that you can have a note put on your credit report that there is a dispute on a certain account or if there is a possibility of identity theft concerning your accounts and social security number.

There are three major credit reporting agencies that companies use to check your credit report.  Those credit report agencies are Equifax, Experian and TransUnion. These are also the three credit reporting agencies that you need to contact to receive a copy of your credit report. To contact a credit report agency for a copy of your credit report, mail them a written request to send you a copy.  When they receive your request, they will send a copy of your credit report to the address which you supplied them. You can also contact each credit report agency by going online and going to their website.

Even with the news full of identity theft stories, there are still individuals that choose not to check their annual credit report. Most people don’t feel that they are at risk, that identity theft only happens to other people. There are many others out there who would beg to differ. Your annual credit report gives you an opportunity to make sure that your credit report is correct and that no one has applied for credit in your name or with your social security number.

Thanks to new legislation that recently went into effect, you can receive your annual credit report from all three agencies free of charge. To do this, simply contact the agencies in writing and request your free annual credit report or go online to their websites to request it. The three major credit reporting agencies that you can receive your credit report from are Equifax, Experian and TransUnion.

Once you receive your annual credit report, you need to take the time to review each one and verify the information. Your credit report will tell you all of the credit accounts that you have open, whether you have any late payment history, a recent history of any judgments that have been made against you, and your address and employment history. If there are accounts or judgments that you do not recognize in your annual credit report you should write down the information and contact the credit reporting agency as soon as possible. These are all signs of identity theft.

You cannot underestimate the importance of your annual credit report. Your credit score is based solely on the information in your credit report, and a bad score could keep you from financing a home or a new vehicle. By checking your annual credit report you can keep track of what is going on with your credit and whether someone has stolen or tried to steal your identity. Even if you know you have bad credit, it is still a good idea to request an annual credit report. Though companies do what they can to verify identity, there are identity thieves that know their way around the verification process.

Reviewing your annual credit report may not stop identity theft, but it gives you one of the tools that you need to stop it quickly if your identity is stolen.