How to get my credit history report free? Find out the best tips

When you’re applying for a personal loan or credit card this question pops up often: how do I get my credit history report free? Credit history is a major factor of consideration for most financial firms in the U.S. It can tip the balance that allows you to get competitive interest rates or gets rejected straight away. 

Does it mean you need to understand every inch of your report before applying for financial services? Not exactly, but knowing what information is on you can help with financial decisions and planning further down the line. 

Anyone who’s trying to get their finances back on track or really needs a copy of their credit report found the right article! We’ll explain how to find this information and explain what it contains. Keep reading to become an expert!

What is a credit history report after all? 

A credit history report is generated over the years through data about every financial decision you ever took. This document shows your life story through finance, from the moment you first got a university credit card to your home mortgage. It is also probably the most important document for anyone with future financial plans. 

That happens because lenders and firms use your report whenever they must make a decision about you. Are you asking for a loan, credit card or even buying a new car? Be assured this information will be important to get an “ok” on the matter. 

When the numbers aren’t favorable you might have important services denied, such as insurance.

What are credit reporting agencies? 

Credit reports are made by credit reporting agencies, companies that have many names, such as: 

• Bureaus; 
• Consumer reporting agencies. 

These entities collect data throughout your financial life to determine your value. Usually, numbers range from 300 to 850, such as FICO scores. The higher the score, the better your chances of fulfilling any financial dreams. 

All of this information is also useful when partnering with financial companies, such as banks, for marketing purposes. A person’s score can make them the ideal target for marketing campaigns or even special deals. 

There are dozens of reporting agencies, however we’ll keep it simples and talk about the four most important. These are the ones that will define your credit report and score. 

Experian

Experian is one of the big three of credit reporting bureaus in the U.S. It’s main objective is to collect massive amounts of data on individuals in use and give access to reports to lenders and individuals for a fee. 

The main difference between this company and others’ reports is the fact that it shows when an account will leave the credit history. Lenders often rely on Experian to track financial info more thoroughly than its competitors, since the data provided is monthly. 

Experian’s reports are based on the Fair Isaacs Company (FICO) score, that goes from 300 to 850. 

Equifax

Equifax tracks credit history back to about seven years. In its report accounts appear as open and closed, to show lenders which data is old. Reports from Equifax might include detailed information on individuals, such as mortgages, cards from department stores, credit cards and public records. 

Its score is also based on FICO, ranging from 300 to 850. 

Transunion

Years ago Transunion was called Callcredit, and is one of the leading global financial bureaus. Basing its scores on FICO, it informs companies all over the world about credit scores and financial information. It operates in 33 countries and has been active since 1963. Transunion also offers analytics services for businesses, broadening its reach. 

When we are able to get my credit history report free we might find different information on each report. That happens because some bureaus update data monthly, weekly or even every six months. 

Learning how to get my credit history report free

You will never again have to ask: how do I get my credit history report free? First of all, don’t worry about fees if this is your first time checking it. Every bureau has to provide an yearly report to consumers without cost. 

You have the choice of getting your documents online, an easy on the go choice if you’re in a hurry. There’s also the possibility of receiving a report in the mail, which can be done by getting in touch with the agencies via phone or email.

You can get your full credit reports on the official links below: 

• Experian credit report; 
• Equifax credit report; 
• Transunion credit report. 

Even if most of the data overlaps between the three companies, we recommend you check them all. That way you can get a better overview of your financial situation and start planning to fix or enjoy it. 

Understanding your credit history report 

Did you finish downloading the credit history report? As long as the answer is yes, get some pen and paper and get ready. We’ll teach you how to better understand the information it contains and what it means financially. 

Account summary

This is simple to understand: it’s a list and status of current accounts, such as bank and credit cards. It shows if you’ve been keeping on time with your payments or often pay late, if at all. This is a great part of the reason why financial services are denied. 

Personal information

You are the source of this info! You and other sources, such as creditors, credit card companies and banks. That is why you’ll see a number of variations on simple data, such as: 

• Name;
• Security Number;
• Address. 

Don’t worry, if there is an updated and correct version everything should be fine. But when you find mistakes that could be a problem in the future it’s important to report them to the bureau, which has to correct everything in 28 days. 

Credit history

Every important credit information about you will be present in the report. Details about loans, bank accounts, mortgages and others are there and have quite the importance. If you’re overdue on payments, they weigh you down by showing possible lenders that there’s a high possibility you won’t pay on time. 

If you’re juggling multiple credit lines for the past few years without problems, however, creditors might find it better. A long and healthy credit history is important for a great score. Don’t get paranoid and start avoiding cards and loans if you have no problem paying on time. 

Inquiries

Everytime you or a third party checks information on your history (or an attempt at getting a loan, credit card and other financial services that report to a bureau), it becomes and inquiry. There are two types of these: 

1. Hard inquiries: which arise from your request for a loan or services, even if you end up not closing the deal or getting rejected. They remain on a record for two years; 
2. Soft inquiries: appear for reference and are the result of third party searches for you. Don’t worry about these, they don’t interfere with your score. 

Can I get my credit history report free for monitoring? 

That’s the good news: I can get my credit history report free once a year and so can you! All major bureaus are obligated by law to give these documents once a year. Some companies, such as Transunion, even allow for monthly quick searches. 

Keeping up with your score is a great way to understand how each financial decision is actually affecting you. Let’s say you took a loan a couple of years ago and defaulted on several payments. The only way to know if it affected your score is through direct information from reporting bureaus. No amount of guessing will help you find out. 

Which third parties can get my credit history report free? 

If I can get my credit history report free with such ease, does that mean others can do the same? Not exactly, this is sensitive personal information that is protected by law. Which means access is limited to a few third parties, including: 

• Lenders you contact for credit; 
• Lenders from whom you got credit; 
• Utility companies that might provide services (such as cell phone and internet);
• Employer or prospective employer, as long as you agree to share this info; 
• Insurance companies you’re looking for a policy from;
• Government agencies when you require benefits;
• Potential landlords;
• Banks when you decide to open an account. 

Unless the parties involved have legitimate business with you, your data is considered confidential. 

For how long do old accounts remain on the report? 

Did you know that your financial decisions can show on your report for years? Old accounts, late payments and debts stay there for eight years and impact on decisions financial companies make about you. Filing for bankruptcy is a bit worse, since it’s information that remains for ten years. 

Other types of information can also leave their mark for quite some time. Criminal records, such as fraud or scams, remain indefinitely. Lawsuits or financial judgment against you stay for either seven years or until the statute of limitations runs out. That’s why it’s so important to take care of your financial health. 

A poorly made decision today can keep you from achieving your dreams tomorrow.