Are Free Credit Reports Really Free?
Yes! And no! It just depends on what "free" site you get it from.
You can go to http://www.annualcreditreport.com/ to get a free copy of your credit report from each of the three bureaus once a year. The positive thing is that you do not have to get them all at one time; you can order one every 4 months and be able to check the accuracy of your reports year-round at no charge.
There are other reasons to use this service. First, it is monitored by the Federal Trade Commission and mandated by the government to ensure that everyone has access to their credit report. Second, it really is free of charge and there are no strings attached.
The only negative to this service is that you will have to pay for your scores if you want them. If you are just curious and want to spend $20 or so, feel free to spend your money for them. I tell my clients that what is on the report is much more important than the scores that they see.
Many people don"t realize that there are no less than four DIFFERENT scores depending on who is requesting them. The score that you buy is considered a "consumer" score. Your mortgage lender sees a different score, as do auto dealers and insurance agents who have their own scoring system. Again, buy your score only if you need to.
There are a number of other companies that offer your report to you for free. Most of them require that you sign-up for a credit monitoring service or purchase other materials from them. Most offer a 30 day trial period which allows you to get a free copy and them cancel your subscription before you are charged. While this really violates the spirit of them giving you a free report, rest assured that a large number of people do just that.
What if you keep the service? I have one that I personally use and have been very happy. It costs me about $15 a month, but allows me to get a fresh report ONCE A DAY. While that may sound unnecessary (it really is), your report can actually change day-to-day depending on when your creditors report. The service that I use emails me whenever I have hard inquiry (one that I would initiate with a creditor). If I am notified of inquiries and I have not applied for credit, I may suspect possible ID theft.
They also notify me of major changes right away and even send me an email once a month to tell me that there was no new activity if I had no changes or inquiries. All things considered, I have been very happy and the service has been worth what I pay, if nothing else but for peace of mind.
There are a number of different companies that offer the reports. You will see links above, below, and to the right of this post that are results similar to what you would find on a Google search for "credit reports". Just make sure that the service you use offers a good value and be sure to read the fine print.
So, YES, free credit reports can really be free. Others, while they may cost a little bit, may offer a good value for their price.
If you have not read the previous posts, I suggest that you do now. While I am trying to make each report "free-standing", you may miss good information if you don't read them in order.
Scott
Scott Swinford is an Executive Consultant for the US Consumer Credit Restoration Association and a Certified Mortgage Planning Specialist in Northwest Indiana. If you have any questions, you can send email to scott@USCCRAonline.com.
You can go to http://www.annualcreditreport.com/ to get a free copy of your credit report from each of the three bureaus once a year. The positive thing is that you do not have to get them all at one time; you can order one every 4 months and be able to check the accuracy of your reports year-round at no charge.
There are other reasons to use this service. First, it is monitored by the Federal Trade Commission and mandated by the government to ensure that everyone has access to their credit report. Second, it really is free of charge and there are no strings attached.
The only negative to this service is that you will have to pay for your scores if you want them. If you are just curious and want to spend $20 or so, feel free to spend your money for them. I tell my clients that what is on the report is much more important than the scores that they see.
Many people don"t realize that there are no less than four DIFFERENT scores depending on who is requesting them. The score that you buy is considered a "consumer" score. Your mortgage lender sees a different score, as do auto dealers and insurance agents who have their own scoring system. Again, buy your score only if you need to.
There are a number of other companies that offer your report to you for free. Most of them require that you sign-up for a credit monitoring service or purchase other materials from them. Most offer a 30 day trial period which allows you to get a free copy and them cancel your subscription before you are charged. While this really violates the spirit of them giving you a free report, rest assured that a large number of people do just that.
What if you keep the service? I have one that I personally use and have been very happy. It costs me about $15 a month, but allows me to get a fresh report ONCE A DAY. While that may sound unnecessary (it really is), your report can actually change day-to-day depending on when your creditors report. The service that I use emails me whenever I have hard inquiry (one that I would initiate with a creditor). If I am notified of inquiries and I have not applied for credit, I may suspect possible ID theft.
They also notify me of major changes right away and even send me an email once a month to tell me that there was no new activity if I had no changes or inquiries. All things considered, I have been very happy and the service has been worth what I pay, if nothing else but for peace of mind.
There are a number of different companies that offer the reports. You will see links above, below, and to the right of this post that are results similar to what you would find on a Google search for "credit reports". Just make sure that the service you use offers a good value and be sure to read the fine print.
So, YES, free credit reports can really be free. Others, while they may cost a little bit, may offer a good value for their price.
If you have not read the previous posts, I suggest that you do now. While I am trying to make each report "free-standing", you may miss good information if you don't read them in order.
Scott
Scott Swinford is an Executive Consultant for the US Consumer Credit Restoration Association and a Certified Mortgage Planning Specialist in Northwest Indiana. If you have any questions, you can send email to scott@USCCRAonline.com.
posted by Scott Swinford at
7:16 PM
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