Disclosure Process

• The credit file disclosure process is handled by Equifax, Experian and TransUnion through an omnibus website, AnnualCreditReport.com, which the three bureaus run cooperatively. You get one credit file copy annually from each bureau, the Federal Trade Commission explains. You have a choice of getting all your report copies together or getting individual reports throughout the year.
  
  

File Review

• The law entitles you to get your credit files so you can review them for mistakes or signs of credit-related fraud. Review them thoroughly, looking for inaccuracies or unrecognized account information. The three credit bureaus sometimes make mistakes when adding information to your files and they do not have an auditing process. Up to 70 percent of credit reports end up with mistakes, according to the Bankrate.com website. The bureaus also do not flag potentially suspicious activity. Finding and challenging problems is up to you.
  
  

Handling Mistakes

• You can dispute mistakes with Equifax, Experian and TransUnion and force the bureaus to either get proof of accuracy or take the bad data out of your files. Write to each bureau, explaining what is wrong about each of the items in question and send your complaints by certified mail, the FTC advises. You will hear back within 30 days, as the Fair Credit Reporting Act gives the bureaus a month to handle such issues. You will get a disclosure of their investigation results and new credit file copies reflecting any resultant changes.
  
  

Handling Fraud

• You may be a fraud victim if you find accounts in your credit files that you never opened. Such accounts could legitimately belong to someone else and be on your reports in error, but they could also be opened by criminals who stole your identity. Call the lenders connected to the accounts, and ask for immediate removal from your records if they turn out to be fraudulent. Report the identity theft to the police and get copies of their report for the lenders and credit bureaus. You can ask Equifax, Experian and TransUnion to put fraud alerts in your files, but this only lasts 90 days unless you produce a report from law enforcement. This entitles you to a seven-year extension, according to the Privacy Rights Clearinghouse.
  
  

Time Frame

• The 12-month clock starts as soon as you get your free credit file disclosures. The periods run independently if you get reports from different bureaus at different times of the year. For example, you might get a TransUnion report in February, but order your Experian and Equifax files in April. You are eligible for another TransUnion copy the following February but must wait two more months for the other two disclosures.