| Since 2005 Federal law has entitled every U.S. citizen | | | | FTC approved source, Annual Credit Request Service. |
| to receive a free updated copy of their credit report | | | | Yearly reports can be obtained by going online to |
| under the Free File Disclosure Rule of the Fair and | | | | ("Annual", not "Free"), by phone at 1-877-322-8228 or |
| Accurate Credit Transactions Act (FACT Act). Under | | | | by submitting an Annual Credit Report Request from |
| the FACT Act, all three of the major credit monitoring | | | | by mail to Annual Credit Report Request Service, P.O. |
| companies - TransUnion, Experian and Equifax - must | | | | Box 105281, Atlanta, GA 30348-5281. |
| provide free credit information once every year. The | | | | The Annual Credit Request Service does not ask for |
| FACT Act was designed to help consumers more | | | | any credit card information from consumers. All that is |
| closely monitor their credit. However, in the wake of | | | | neededto obtain your annual free credit report is your |
| the FACT Act, a number of credit reporting | | | | name, date of birth, address and Social Security |
| companies have sought to cash in on the rise in | | | | number. Again, any company that asks for credit card |
| consumer awareness about credit. | | | | information is not a credit reporting company approved |
| Are Free Credit Offers Legitimate? | | | | by the FTC. Using these companies could result in |
| There are an increasing number of businesses that | | | | unwanted charges to your credit card. |
| claim to offer free credit reports, hoping to lure in | | | | Credit Monitoring Companies |
| customers. These consumers may be aware of their | | | | It should be said that many of the companies that lure |
| right to a free credit report, but unaware of how to | | | | in customers with the offer of a free credit report are |
| obtain it legitimately. These individuals make prime | | | | not, in and of themselves, scams. The practice of |
| targets for less than honest companies looking to bait | | | | capitalizing on public ignorance regarding the free |
| and switch. | | | | annual report mandated by the FACT Act may lean |
| Without exception, these companies are in the | | | | towards the unethical side of business practice, but |
| business of up selling or catching consumers with | | | | generally the services that they offer are legitimate. |
| hidden fees. This is true of even the very prominent | | | | These companies can closely monitor your credit, |
| ones that advertise on television (i.e. a certain | | | | giving you monthly, weekly and even daily updates. |
| scruffy-haired, guitar wielding spokesman). These | | | | Such services can be valuable when trying to rebuild |
| companies request credit card information in order to | | | | credit and help to keep customers appraised should |
| sign up and get a free credit report. Consumers who | | | | their identity be stolen. However, many consumers |
| fail to read the fine print are then hit with large fees for | | | | may view such close monitoring of their credit as |
| services that they were unaware that they were | | | | superfluous. Those wishing to monitor their credit |
| signing up for. | | | | without monthly fees can obtain copies of their current |
| How to Get a Legitimate Credit Report | | | | credit report directly from each of the three credit |
| In truth, there is only one legitimate way to get your | | | | reporting agencies for much less than the monthly |
| free credit report each year. That is via the official | | | | fees of most of these monitoring services. |