Absolutely Free Credit Reports
The ads are all over the television, can be heard on the radio, and are scattered across the internet -- you can get free copies of your credit report. What may seem strange to you is that someone is advertising for something that is free or at least they say that it is. Are they telling the truth or leaving out something important? Read on and we'll take a look at how you can separate the wheat from the chaff when it comes to credit reports.
Free credit reports are possible, no strings attached. Thanks to an act of
Congress, beginning in 2005 consumers could request free copies of their credit
report from the major credit reporting agencies: Experian, TransUnion, and
Equifax. The way that it works is like this: you can get one free copy annually
from each agency through a website jointly established and managed by these
companies.
AnnualCreditReport.Com is the only site where free reports are available to you. You will have to pay extra to get your credit score, but for a fee ranging from $4 to $7, it isn't much of a burden. Yes, get your score too as that figure is what creditors use to determine whether you are creditworthy or not.
Speaking about your report, make certain that any errors found in it are corrected. Chances are that some information about you is not accurate, therefore examining the report closely will reveal if a loan paid off is still listed as unpaid, if a charge to your account does not belong to you, if your address is incorrect, etc. The credit reporting companies will tell you what steps you must take to file an appeal; if they do not respond to your letter within thirty days, then the incorrect information must automatically be dropped from your report.
So, what about those companies offering free credit reports to consumers -- are they legitimate? Well, sort of. Yes, you can get your reports for free through them, but they usually are selling you a second, unneeded service in the process -- credit monitoring services. Essentially, they will notify you of any discrepancies with your credit over a period of time. You will be assessed a monthly fee for this service, but remember: you can find out this same information for free through your report.
When it comes to getting copies of your free credit report, just remember to visit Annual Credit Report to obtain your copies and to order your credit scores. Anywhere else you go and their service will cost you.