Can You Really Get A Free Credit Report?
Yes, Under the Consumer Reporting Act every individual is allowed a free credit report annually. This legislation made it possible for every citizen to access their credit reports to check for mistakes, errors or problems.
Unfortunately, this legislation was written at a time when most of our correspondence was still done through the mail. The legislation states you can request, in writing, a copy of your report and it will be mailed to you.
In today’s wired world you can access your credit report online. But beware, there are a lot of places advertising “free credit reports online”, that you need to really read ALL the fine print.
Can I Get A Free Credit Report Online?
Here’s the most common online credit report offer we see. There are many services that will monitor your credit reports. They make sure there isn’t negative information, or false information being put on your report. If something is flagged they notify you of the report so you can take appropriate action. This is also great to prevent identify theft.
Many of these companies off “free credit reports online”. And then, in the fine print they tell you that you can get your free report by subscribing to their yearly credit reporting monitoring service.
So, it’s not really a free credit report, is it?
It’s a bonus credit report when you purchase their subscription service.
It’s a great idea to check your credit score before you apply for a large loan, mortgage, car loan or credit card. You can request the written report once a year, or go online and pay a few dollars (most aren’t free)
You can access all 3 of your FICO scores from Trans Union, Experian and Equifax. Or, you can go to each individual reporting agency and get a copy of your report from them individually.
You can look at the individual details in side your credit report such as credit available, bankruptcy, collection orders, delinquent payments and ratio of debt available to debt used.
Just for your piece of mind, if you do access your credit information online be assured that there is some heavy duty encryption going on that will protect your information from digital pirates. The credit bureaus are making digital privacy a priority.
It’s only smart to check on your credit rating on a regular basis. Just don’t get sucked into a bait and switch subscription service that charges you for protection in return for a free credit report.
Update: check out the Annual Credit Report Service for updates on how to access your yearly free credit report electronically.