Experian Free Annual Credit Report

Experian is one of the three credit reporting agencies that provide your credit related information to anyone who needs it including creditors, employers, or homeowners. The other two credit report agencies in the US are Equifax and Trans Union. The copy of your credit report provided by Experian contains detailed information about your credit history and your overall credit score.

According to FACT Act (The Fair and Accurate Credit Transactions Act), you are eligible for one free credit report per year from all the top three credit reporting agencies. The completely free credit reports provided by Experian helps you in reviewing your financial information and detecting inaccuracies that might be present. This is necessary because credit report agencies collect data from varied sources and may sometimes make mistakes while uploading information onto your credit report. Any negative entry on completely free credit reports can seriously hamper your chances of obtaining loans at low interest rates. By using the free copy of Experian credit report, you can detect erroneous entries and report them to the agency for rectification. This will help you in maintaining a clear credit report that is free from negative items.

The completely free credit reports provided by Experian are divided into sections, wherein each section displays a particular type of information. For example, the personal information section contains information such as your name, past and present address, date of birth, social security number, driving license number, telephone number, name of your spouse, your current employer, duration of employment and others.

The credit history section contains detailed information about all the credit transactions you had in the past. This section contains information about credit card transactions, departmental store accounts, multiple bank accounts, institutional loans, mortgages, car loans, home equity loans and other transactions involving credit. A detailed description of individual credit accounts is also displayed in this section such as the exact date when you applied for a loan, the total amount of loan sanctioned, your credit card limit, and others. The amount you currently owe to creditors and the monthly installments you are currently paying is also displayed in this section.

Other sections may contain information about foreclosures, bankruptcies, court judgments, and tax liens. If these sections do not contain any entries, it means that you have a clear credit report and have high chances of getting a loan with a low interest rate. Completely free credit reports are also available online, making it easier to access credit information that would have normally taken weeks to obtain and evaluate.