Is there a Way to Get a Free Credit Report

Reader Question

There are a million sites that claim to offer a free credit report, but they are just trying to sell on a service. Is there anywhere where you can actually get a free credit report?

Yes. There absolutely is. All three credit bureaus, by law, have to give you one free copy per year. They have created a site called annualcreditreport.com. If you go to this site, you can get a free copy from the three bureaus.

Outside of this website, which I think is what you were looking for, federal law allows you to get a free credit report under other circumstances such as after you have been denied credit or if you are unemployed. If you are interested in these "other" circumstances, you can find them in the Fair Credit Reporting Act or in my book.

Any Negative Item Will Be Deleted After Seven Years, Right?

Wrong. While it is true that negative items should be deleted after seven years--ten years for bankruptcy--they very rarely are. Of all the complaints I get about credit errors, the most common is that the items in question are more than seven years old. In all honesty, the credit bureaus are not in the business of ensuring accuracy or making sure your items are deleted on time. It's been my experience that these items stay on there until you do something about them.

So, you either need to dispute them yourself or hire someone to do it for you. You can do it yourself. If you don't want to hassle with it, I recommend Lexington Law Firm


Don't think that these items will take care of themselves. You must take the necessary steps to protect your credit, and don't think that nothing can be done. 78% of Americans have errors on their credit reports, and thousands of errors are deleted everyday. Good Luck

Will My Collection Account be Deleted When I Pay It?

Many people think that to repair their credit, they just need to pay off whatever derogatory item is affecting their score. This is false. Your collection, charge-off, or late payment will not be deleted when paid or settled. Once the item is paid, it will stay as a collection, charge off, etc.; the credit bureaus will simply add a line that says it has been settled or paid. Your score will remain negatively affected, and now you will have to wait 7 years from your latest payment.

That being said, is it not wise to pay on a derogatory account? I always recommend that people pay their obligations. Once an item has been paid, it is much easier to remove. The reason for this is that the collection agency or creditor is no longer interested in verifying the information to the credit bureaus when disputed.