Free Credit Report

Every consumer in America has the right to a free credit report once every year by law as of September 2005. But since that law has passed there has been nothing but confusion.

The web sites that say they are offering this so called free credit report, are asking us to give them our credit card information. Does that sound like a free credit report to you?

You may have even given your credit card number to these companies to sign up for a thirty day trial for a credit service that has almost nothing to do with getting your free credit report.

In all fairness, you can cancel this service after thirty days. But how many people do you think forget and end up with monthly or even annual credit card charges?

In fact, these companies are counting on you forgetting about the thirty day trial and charging that fee on your credit card. But if the law says you get a free report, what’s the deal?

A lot of people are confused about these free credit reports because of how some companies are marketing the free credit report. Hopefully, this information will clear a few things up for you.

For people who just want the bottom line, a free credit report is available at www.AnnualCreditReport.com and this is the only official site that helps consumers to obtain their annual free credit report.

This site’s security protocols are excellent with physical and technological security and encryption. That’s important for identity theft purposes because the information on your credit report should be seen by your eyes only.

So if this site is readily available and anyone can get a free credit report once a year, what’s the catch? Here is the catch: the credit report you get from www.AnnualCreditReport.com does not have any credit scores.

Now you may be asking, “Then what good is getting this free credit report without a credit score?” There are a few good reasons why you may want to look at your credit report even without a credit score.

Did you know that more than forty percent of all credit reports have errors? If you spot these errors, you can get them cleared up before it affects your credit score. If you contact a credit bureau about an error, they have to clear it up or remove it after thirty days by law.

If you monitor and review your credit report, you can check to be sure that you are not a victim of identity theft. If someone takes over your accounts and charges up thousands of dollars in debt, they can destroy your credit score in a matter of hours.

These are just a couple of good reasons why you want to get your free credit report once a year and inspect it just to be sure everything looks like it should. You can get your free credit report online at www.AnnualCreditReport.com or by phone or through the mail.

So where do you get your credit score from? This is where the confusion comes in and here is the answer. The law Congress passed did not say anything about a credit score just one free credit report a year per consumer.

You have to pay a service to get your credit score and some companies are confusing people with the way they are marketing this. They offer you a free credit report and score and many consumers believe it’s their annual free credit report.

But if you have to sign up for a credit service they offer for a 30 day trial period, does that sound free? What these companies are counting on is you forgetting about the 30 day trial and charging a fee on your credit card once that trial period is over.

It’s in the fine print, but how many people actually read that. So here is a good common sense rule of thumb. Any time you have to give your credit card information, ask yourself, “is this really free?”

Many of you probably know this is happening because you have been trapped with this kind of marketing tactic. But for those of you that just want your annual free credit report, you can at least be aware as to what is really going on and have a no nonsense way to get it.

Copyright © 2006 Credit-Repair-Facts.com All Rights Reserved.

This article is supplied by Credit Repair Facts.com where you will find credit information, debt elimination programs and informative facts that give you the knowledge to correct your own credit and credit report. For more credit related articles like these go to: Credit and Debt Articles

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Thinking of buying a new home or automobile? Before you shop, make sure you take a look at your credit report. You can be assured that your lender will. It is also important to keep up with the contents of your personal credit reports to reduce the likelihood of identity theft and to fix any errors that show up on your report as soon as possible. You can go to any of the 3 credit reporting agencies and receive a copy of your credit report for a fee. However, there are also a number of free ways to receive a copy of your credit report.

Receive a free credit report from one of the three credit reporting agencies: Equifax, Experian, and Transunion.

First, there are many websites that will offer you free copies of your credit report. This is one area where the Federal Government has actually helped consumers out. The Fair and Accurate Credit Transaction Act of 2003 (FACTA) added new sections to the federal Fair Credit Reporting Act that help consumers fight the growing crime of identity theft. As a result of this act, the three large credit reporting agencies: Equifax, Experian, and TransUnion have created a website called www.annualcreditreport.com where consumers can sign up to receive a free copy of their credit report from all 3 agencies once a year.

Receive a free credit report from an online website.

Another way to receive your report for free online is to use one of the many websites that advertise providing you with a free copy of your credit report. Usually in exchange for this free service, you are also entitled to receive a barrage of spam email and marketing materials. In light of the fact that the large agencies have banded together and now offer their own method to receive a free annual credit report, this method is not recommended.

Receive a free credit report if you have been denied credit.

There are also two other ways to receive a free copy of your credit report. Any consumer that is denied credit for any reason can request a free copy of their credit report from the agency that provided the report. Credit bureaus also provide free copies of your credit report under other circumstances. You are entitled to one report free of charge per year if you certify in writing that: you are unemployed and plan to look for a job within 60 days, you are on welfare, or your report is inaccurate because of fraud.

Try using one of ABC Loan Guide’s
Recommended Sources For a Free Credit Report Online.

With all of these tools at your fingertips, it should be easy for you to keep up with your credit report, and best of all it’s FREE!

View our recommended companies for
Credit Help Online. Also, view our recommended sources for Bad Credit Credit Repair.

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If you’ve ever applied for a credit card or loan, you’ve probably had
your credit report reviewed by the lender. Your credit report has a huge impact on your financial future, so it’s well worth your time to be sure that you understand what your credit report says about you. Even if you’re not interested in obtaining credit, your credit report can impact other areas of your life. Potential employers view your credit report to assess your trustworthiness as an employee. Landlords frequently check the credit reports of their tenants before allowing them to sign or renew their lease.

So whether you knew it or not, your credit report can have a major impact on
your quality of life. With this said I’m sure you can now see that there is a
benefit to obtaining and then verifying that the information on your credit
report is accurate and true.

You can request copies of your report from the three major credit bureaus:
Equifax, Experian, and TransUnion. A recent amendment to the federal Fair Credit
Reporting Act requires each of these national consumer-reporting companies to
provide you with a yearly free copy of your credit report upon your request.

Basically, your credit report is a summary of how you pay your bills; repay
loans; how much credit you have available; what your monthly debts are; and
other types of information that can help a prospective lender decide if you are
a good credit risk.

Your credit report is made up of several sections. The first section contains
personal identifying information such as your name, current and previous
addresses, social security number, telephone number, birth date, and your
current and previous employers.

Your bill paying history with banks, retail stores, finance companies,
mortgage companies, and others who have granted you credit is one of the most
important parts of your credit report. Public records that might indicate your
credit worthiness, such as tax liens, court judgments, and bankruptcies are also
included in the section detailing your credit history.

Your credit report includes a comprehensive listing of all credit granters
and other individuals who have received a copy of your credit report. In
addition, lists of companies that have received your name and address in order
to offer you credit are also included in your credit report.

Most credit bureaus allow both the consumer and the creditor to make
statements if there is a dispute about something on the report. If applicable,
your credit report will include these dispute statements.

Your credit report does not include bank account balances, race, religion,
health, criminal records, driving records, or annual income. You’ve probably
heard about a FICO credit score as well. Credit scores are based on formulas
that use the information in your report, but they’re not considered part of
your credit report.

Problems with your credit report will result in you either being denied
credit or receiving a higher interest rate. Red flags on your credit report
include excessive applications for additional credit, a short credit history, a
high debt ratio, and late payments to previous creditors. In most cases,
negative information will stay on your report for seven years. However,
bankruptcy information stays on your credit report for ten years.

To help improve your credit report, always remember to close unused accounts,
pay your bills on time, never use all of your available credit, and don’t
apply for unnecessary credit.

If you would like to get more free
credit report information you can visit our website which contains many credit
report resources. http://www.my-credit-report.info

This article is copyright 2005, but can be freely reprinted, as long as no
changes are made, including hyperlinks.

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