December 1 finally comes! Today marks the first day people living in western states can order their credit reports for free from the top three consumer reporting agencies: TransUnion, Experian and Equifax. I blogged about this news six months ago and 8 days ago, and I am happy to share my first-hand experience today.

STEP 1. The jouney should start at https://www.annualcreditreport.com/. You need to select your state of residence first. Since the free credit reports are still being roll-out, residents of some states might not have access now. (Service start date: December 1, 2004 for Western states, March 1, 2005 for Midwest states, June 1, 2005 for Southern states and September 1, 2005 for Eastern states.)

STEP 2. If you live in one of these states, now you will be able to enter your bios, including name, date of birth, date of birth, social security number, current address, and, if you live in your current address for less than two years, previous address as well.

STEP 3. The next screen will allow you to choose from one of the three CRAs: TransUnion, Experian, Equifax. I chose Equifax for today's test. After some customarily warnings that you are leaving Annualcreditreport.com and entering the CRA's site, I was seamlessly redirected to Equifax.

STEP 4. I was then asked several multiple choice security questions, like which bank is financing my home, and what's the range of my monthly mortgage payment. If you are the one you claim to be, you should be able to answer these questions in a second.

STEP 5. Now, Equifax will start to get some bucks from you. The next screen will sell you your credit score for $6.95 -- you may click the "No Thanks" button to bypass this sales gimmick quickly.

STEP 6. In the next screen, Equifax allows you to add a new product "Equifax Credit Ranking" to your order as a one-time free offer. This product allows you to "see how your credit compares to national, state or zip code averages."

STEP 7. I finally got access to the credit report ... it took less than 5 minutes so I do feel the experience is good.

Without finding any red flag in my Equifax credit report, I took a look at the Credit Ranking product. Yes, this free product is pretty revealing. What it does is to compare the key numbers in your credit report to some national, state and zip code averages. Below are some highlights of national and state (WA) averages:

Total Debt (revolving, installment, mortgage, other, etc.): National: $74,559, WA $92,806
Total Credit Card Debt: National: $972, WA: $1,103
Credit Utilization: National: 15%, WA: 25%
Number of Inquiries: National: 2, WA: 2
Number of Open Credit Accounts: National: 5, WA: 5
Mortgage Payment: National: $1,031, WA: $1,070
Mortgage Balance: National: $94,951, WA: $108,913
Auto Loan Payment: National: $490, WA: $380
Auto Loan Balance: National: $10,708, WA: $11,492

As I mentioned in the previous post, probably it's best to save the free annual credit report privilege from the other two CRAs to the future. I plan leverage this service to check my free credit report every four months, and of course I will report my experience at PFBlog.com. Keep tuned!