Why Can I Only View Credit Reports Once a Year?

The federal government mandates that all U.S. residents are entitled to a free copy of their credit report from each of the three major credit bureaus each year. However, you are not limited to these reports. You can purchase a credit report any time you want, and there may be situations in which you are entitled to additional free credit reports.

Free Yearly Credit Reports

You can get a free copy of your Experian, Equifax and TransUnion credit reports once each year through the Annual Credit Report website. You must go to this website; the credit reporting agencies are not required to give you a free credit report if you contact them directly. If you do not want to enter the necessary personal information on the website, there are also instructions on how to order your credit report by phone or through the mail. It's important to get copies of all three reports, because not every creditor reports the same information to each bureau. If you are married, you and your spouse are each entitled to free reports, even if most of your credit is through joint accounts.

Other Free Credit Reports

Under federal law, you are entitled to a free copy of your credit report if you are denied credit or employment because of something that's in your report. You must request the report within 60 days, however, to get it for free. You are also entitled to a free credit report if your report has inaccuracies because of fraud or identity theft. You can also get a free credit report if you become unemployed and plan to look for work or if you go on welfare. Some states also mandate that their residents have access to free credit reports.

Buying a Credit Report

You can buy a credit report from any of the three credit reporting agencies any time you want. Perhaps it's been several months since you got your free credit report and now you are looking at buying a house and want to see if anything has changed significantly. Or perhaps you've gotten behind on bills and you want to see if late payments have started showing up on your credit report. As of March 2011, you can get a credit report directly from each credit bureau for around $15, and that also includes your credit score.

What to Look For

When you get copies of your credit report, the Federal Trade Commission says you should be looking for two things: errors and fraud. Your credit report may contain inaccurate or out-of-date information, such as closed accounts being reported as open or negative items remaining on the report after they should have disappeared. Your credit report is also the best way to find out about fraud or identity theft. If you find any errors, dispute them in writing to the credit reporting agency and provide copies of any supporting documentation you have.