| So many banks, credit card companies and financial | | | | and follow instructions carefully. |
| services firms are offering free credit reports that it's | | | | Federal law also says that you're entitled to a free |
| hard to stay current with them all. There is even a | | | | credit report if a company denies your credit, insurance |
| campy commercial getting huge national exposure that | | | | or employment application based on information in that |
| features an unlucky guy who is reduced to singing in a | | | | report. In this case, you must request your report within |
| fish-and-chips restaurant because he didn't get his free | | | | 60 days of such an occurrence. Interestingly, you're |
| credit report. | | | | also entitled to a free credit report each year if you're |
| What is the truth about these offers? Most important, | | | | unemployed (and plan to look for a job within 60 days), |
| especially to American consumers who are | | | | if you are on welfare or if you believe your report is |
| understandably a bit cynical about "free" offers, which | | | | inaccurate due to fraud, including identity theft. |
| of these offers are really free? | | | | Creative package deals |
| The short answer would be, "Not many." But we won't | | | | There are also some creative banks in the consumer |
| stop at short answers here, we will give you the whole | | | | marketplace that offer a free credit report, or abridged |
| story - in language you can understand, at a length you | | | | online access that includes the three-digit "credit score" |
| can easily digest in a few minutes. So the beginning of | | | | used by the reporting bureaus, when you get their |
| our more detailed answer would be, "Not many free | | | | credit card or open another type of account. Some of |
| credit report offers are really free, but we can tell you | | | | these banks even have special programs and credit |
| which ones." | | | | card offers for people who have had financial |
| Most free credit reports cost you | | | | setbacks, even bankruptcies. At the other end of the |
| Most of the free credit report offers, even ones that | | | | spectrum are such sought-after cards as the premium |
| are sent out by major banks and lending firms, are | | | | American Express products, which offer high-income, |
| really subscription services offered directly or indirectly | | | | low-risk consumers various packages of services, |
| by one or more of the three major credit bureaus. | | | | including credit report access and monitoring. |
| Experian, Equifax and TransUnion are the "big three" | | | | There is no reason to join an annual service or pay a |
| credit reporting firms, and eventually the road leads | | | | monthly fee if all you want is to look at your credit |
| back to one or more of them. | | | | report once a year. If you do have an ongoing need |
| In addition, there are scores of firms in the "identity | | | | for monitoring your credit report, investigate one of the |
| protection" business who link the free credit report | | | | banks or credit card issuers that offers the service as |
| offer to a membership service. The fine print on most | | | | part of a package deal. At the very least, you should |
| of these offers makes it clear that you are subscribing | | | | arrange to get hold of your free credit report at least |
| to such a service, usually three months to a year at a | | | | annually, if only to check for erroneous reports and |
| time, that charges you a monthly fee. For your money, | | | | misuse of your accounts or identity. |
| which can range from $6.95 to $19.95 per month, you | | | | Whether you see it for free or a prospective lender |
| get alerted to suspicious activities, credit inquiries and | | | | pays for the privilege, it is essential that your credit |
| late-payment notices. | | | | report be accurate. There is no amount of money that |
| The real free offers Because of the Fair Credit | | | | will make someone else care about your financial |
| Reporting Act (FCRA), the "big three" credit bureaus | | | | reputation more than you do. It's your responsibility to |
| were forced to create and maintain a Web site to | | | | ensure its accuracy, and with a free credit report just |
| offer consumers a free credit report every year. The | | | | a few mouse clicks away, it won't cost you anything |
| site is not free of its own fine print, of course, so if you | | | | but a little time. |
| decide to use this service, of course, read everything | | | | |