Credit Reporting Agencies

• A credit reporting agency will issue you a free credit report once a year at your request. You can put your request in writing, order by phone or go to the appropriate website to have your credit report issued. Reports are issued by the three major credit reporting agencies: TransUnion, Equifax and Experian. The three agencies may have different facts on file with your credit file. You can also view your credit information online. If you request the information through the mail, the agency may need you to confirm your identity. Additional information such as a copy of your driver's license, other picture ID or a utility bill may have to be sent to the agency.
  
  

Credit Review

• If a creditor is looking to extend you credit, you will be asked to fill out a credit application. With your permission, the creditor will have a credit report issued by one of the three credit reporting agencies. Information on your credit file will help determine if you are creditworthy. Lenders are looking at your past payment history to see how you handled your debts. They also want to be sure that your debt load is not excessive.
  
  

Debt Collectors

• Whenever you are past due on a debt, the creditor that extended you the credit can have one of the credit reporting agencies issue your report for a review. The creditor will use your report to help determine the status of your financial situation and to locate you if necessary. Collection agencies or third party debt collectors will also have your credit report issued for the same reasons.
  
  

Prescreen Offers

• Credit reporting agencies will also issue or sell your credit information to lenders and insurance companies so that they can send you pre-approved offers for credit and insurance products. Some people prefer not to have these offers sent to their residences and they will have their names removed from the solicitation list. They can opt out of these offers by going to the appropriate website.
  
  

Fraud/Identity Theft

• If you are the victim of fraud or identity theft, you can have the three major credit reporting agencies issue you a credit report at no cost to you. You may have to provide evidence to confirm that you have been victimized, such as a police report.
  
  

Inquiries

• Whenever someone requests that a copy of your credit report be issued, it leaves an inquiry. An inquiry will list the name of the creditor that requested your credit report. This helps you to determine who is looking at your credit information. If you request a copy of your report, an inquiry will be notated on your file as well.