Credit reports are free, but not easy
Cox News Service
May 29, 2005
ATLANTA —Credit reporting bureaus are required to give free credit reports to Georgians.
But they are not required to make it easy, as some Atlanta Journal-Constitution readers have discovered.
"I ... was unsuccessful in following the directions for securing a free credit report from Equifax," one reader wrote in an e-mail.
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Here is the basic truth: Georgia law requires each credit bureau to give any Georgian a free copy of his or her credit report, twice a year.
You do have to ask for it, either online or at toll-free numbers provided by Equifax, Experian and TransUnion.
But here is the truth of the marketplace: Credit bureaus are in business to sell information. The state can make them give it away, but you may have to hold them down until they say uncle.
Q: Exactly how do I order my free credit report?
A: As of June 1, you can go to www.annualcreditreport.com and follow the directions. This path is guaranteed by a new federal law, and it is relatively simple. The Web site also tells how to make your request by phone or mail. But you are entitled to only one report each year. If you have to accept any agreements, read them carefully.
If you want to exercise your rights under Georgia law, the toll-free number may be the best.
For Equifax, call 1-800-685-1111 and start listening. The recorded instructions can be confusing, and Equifax changes the recording from time to time. This worked late last week: More than one minute into the wandering dialogue, you get a series of choices about ordering. Press "1." The machine will begin asking questions, starting with your ZIP code.
Equifax spokesman David Rubinger said this automated process will check whether you're entitled to a free report, then deliver it.
Experian does a better job of explaining itself. Call 1-888-397-3742, and the recording explains that you get your Georgia freebie if you call from a Georgia phone. Then you get two choices. The first one is a "free offer" to try out a paid service. If you want the real freebie, press "2."
For TransUnion, call 1-800-888-4213. Again, watch your step. The recording starts with a suggestion that you go elsewhere to get the federally required free report. Wait it out until you get the chance to press "2." About one minute and 40 seconds into the recording, you will get the chance to press "2" again. Do it, then follow the directions.
Q: Do you lose points on your credit score when you ask for a free credit report?
A: No. "You can be absolutely sure that your credit scores will not be affected," said Craig Watts, a spokesman for Fair Isaac Corp. The company developed the FICO credit scoring model, which many lenders use.
Q: Can I get my credit score for free?
A: Only indirectly. A potential lender — for a car or mortgage, for example — will probably check your score and might share the information. But you will probably want to see your score before you ask for a big loan, so you can check for problems and perhaps fix them.
The big three credit bureaus charge for a look at your credit score. At Equifax, the price is $6.95.
Your credit score is a three-digit number that summarizes your credit history. Your credit report includes information on past borrowing and repaying. Lenders often use one or both to judge how risky you are.
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