Consumers use the Federal Trade Commission as a sounding board for their complaints. A few years ago, many consumers saw an advertisement for a free credit report and then got stuck paying a monthly fee for a service, and the FTC received a high number of complaints. As a result, the Fair Credit Reporting Act was changed so that consumers can receive a free credit report from TransUnion, Experian, and Eqiufax each, the three national consumer reporting agencies, annually.
There is only one site where you can take advantage of this truly free report and that is at annualcreditreport.com. There are other sites that will offer you free reports if you "try their services", but the one set up by the government is completely free - no strings attached. You can call, mail in a request, or fill out an online request to get your report.
Although these credit reports that have been apportioned for consumers by the federal government are completely free to use, a rather large number of consumers fail to avail themselves of this service. Since it does take some time to fill out a request form and send it in, some people don't want to take the time to do it. Other people, though, simple are not aware that they can get a credit report for free.
The best way to use the free credit reports to track your history is to order one ever four months. You will stay up to date, and you will notice any unusual accounts that you didn't open. Because each company has to give you one free report every twelve months, you can spread out the reports between them and never have to pay.
Keep in mind, however, that these credit report agencies are not going to send you a free credit report without at least trying to get you to spend some money on other services that they offer to consumers. They will offer you such non-essential services as monthly credit monitoring and a credit score.
Knowing your credit score is not necessary if all you want to do is check on your credit history. It is good to know, however, if you are interested in applying for a loan sometime soon. If your credit score shows up low for some reason, you will be able to prepare an explanation to the loan officer that you will speak to regarding why your credit score was low and what you have done to change your financial situation.
Credit watch services can also be beneficial to some people. For example, if you are concerned that your current or former spouse is causing damage to your credit score or if you are worried that your identity will be stolen, credit watch services will help you stay aware of what is happening with your credit.
Remember that you can indeed receive a no strings attached, absolutely free credit report online at www.annualcreditreport.com.
About the Author:
Debt consolidation is an effective way to pay off debt faster but it's not the best choice for everyone. Learn more about whether you should consider consolidating your debt on the Inside Debt Consolidation website at http://www.insidedebtconsolidation.com
No comments:
Post a Comment