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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Most people are familiar with the term credit report but not everyone has a clear picture of exactly what a credit report it is. Your credit report can be viewed as a report card of your financial and credit activities. You are “graded” on your payment timeliness and credit activity. The fewer late payments you have made and the fewer delinquent accounts you have, the better your grade will be. Your credit score is basically a cumulative grade of your credit report. It is important to know what is on your credit report to ensure that your credit activity is being reported correctly.

But unlike a regular report card, you will not receive a copy of your credit report unless you request one. There is more than one way to go about when requesting a copy of your credit report. For a fee, you can receive a copy directly from one of the major credit bureaus. Or you can obtain a free copy from one of the many companies available on the Internet. There are many reputable companies that will provide you with a copy of your credit report completely free of charge. Visit www.credit-report-credit-score.com to learn more about credit reports and how to get a free copy of your credit report.

Some people may be a little skeptical about requesting a copy of their free credit report and may wonder if it is as good as a copy that you would pay for. But rest assured that a free credit report contains the exact same information that you would receive if you had paid for a copy directly from the credit bureaus.

You may be wondering why would companies provide you with a free copy of your credit report and is there a catch? Most companies that will grant you a free copy of your credit report require that you sign up for a credit monitoring service of some sort. But as long as you cancel the service before the free trial period ends, then you never pay a penny and still get to keep your free credit report. However, there are some really good credit services out there if you choose to keep the service. Many people have greatly improved their credit situation with these types of services. So make sure that you know all of the benefits before canceling a credit service that may accompany your free credit report.

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About The Author

This article was written by Beth Pardue who has over 10 years of experience in the financial industry assisting clients with assorted financial needs. To learn more about credit reports or to get a free credit report online please visit: http://www.credit-report-credit-score.com

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If you need to buy a house or car or take a loan to start a business you need a credit report. It is a document that establishes your financial stability and reliability.

Generally a credit report is best prepared by credit bureaus that are qualified to do the needful. The professionals at the bureaus will compile:

a. Your personal information including social security numbers, phone numbers, and addresses. The information will also include details of your employment.

b. Information on any tax liens, foreclosures, divorce settlements, child support or bankruptcy.

c. Details regarding existing loans, credit card payments, late payments, defaults, car loans and so on. The information will include information on who gave the loan, the term of the loan as well as sources of income.

Today one can obtain a credit report online by contacting major players like Equifax, Experian, and Transunion among others.

From your PC itself you can make use of the many facilities offered by them. While there are genuine sites one must be aware that there are scams too. Surf the net to find out if there are any negative comments posted about any site that offers online credit reports. Always protect yourself from scams.

The main advantage of creating an accurate credit report is that it will enable you to get better rates on mortgages and loans and you will be able to use the report to quickly process applications. Since your credit worthiness is established financial institutions and others will be able to give you faster service.

Most credit reports will have a credit score. This indicates the “risk” element to lenders. The thumb rule is that borrowers with higher credit scores are less likely to default on payments. Borrowers with credit scores of above 700 get better interest rates and easier finance.

You can help yourself obtain a higher credit score by paying bills on time, paying at least the minimum amount payable on credit card bills, never defaulting on payments, reporting correctly all credit cards, accounts, and loans availed by you, and avoiding huge debts. Be prudent and own only a minimal number of credit cards.

Always check your credit report thoroughly for mistakes, inaccurate information, erroneous entries, and clerical errors. Be a knowledgeable person and learn as much as you can about managing finances, and your rights. In depth information can be had at: http://www.fdic.gov/consumers/consumer/news/cnwin0203/ch101.html#how and many other banking sites that host articles on credit reports.

There are laws in place that protect you and your credit information. Be aware of them and if you even suspect fraud or misuse of your information be sure to report it to the authorities. Agencies like FDIC and Federal Trade Commission are dedicated to protecting the consumers.

A credit report must always be kept up-to-date it can ease your life in many ways.

Andrew Bermam is a freelance writer for http://www.1888Creditreport.com, the premier website for free credit report and credit score online information, credit history, credit score, credit reporting industry, advantage credit monitoring, credit report scores and many more. He also freelances for Payday loan Site http://www.1888Paydayloan.com

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