?How to Use Free Credit Reports
by: WilliamBlake |
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Consumers use the Federal Trade Commission as a sounding board for their complaints. A few years ago, many consumers saw an advertisement for a free credit report and then got stuck paying a monthly fee for a service, and the FTC received a high number of complaints. As a result, the Fair Credit Reporting Act was changed so that consumers can receive a free credit report from TransUnion, Experian, and Eqiufax each, the three national consumer reporting agencies, annually.
There is only one site where you can take advantage of this truly free report and that is at annualcreditreport.com. There are other sites that will offer you free reports if you "try their services", but the one set up by the government is completely free - no strings attached. You can call, mail in a request, or fill out an online request to get your report.
Not everyone takes advantage of the free credit reports that are available to them. Some people don't want to take the time while others may not even know about the service. The only hitch to these free reports is that you have to take the time to request them.
In order to stay on top of your credit, you should get a credit report once every four months. This schedule works out well with the arrangement that has been established by the US government. Since each of the three national credit reporting agency is required by federal law to give consumers a free credit report once a year, you can request one from each agency every four months and thus maintain a watchful eye on your credit without having to pay anything.
Keep in mind, however, that these credit report agencies are not going to send you a free credit report without at least trying to get you to spend some money on other services that they offer to consumers. They will offer you such non-essential services as monthly credit monitoring and a credit score.
It might be a good idea to check out your credit score if you are planning to apply for any loans in the near future. Knowing any problems that you might have can allow you to prepare information to explain the situations surrounding the negative, or show how your financial situation has changed since that time.
If you are worried about identity theft or have a spouse (or ex-spouse) that is wreaking havoc with your credit history, then it might be a good move to spend a little on the credit watch that is available.
Remember that you can indeed receive a no strings attached, absolutely free credit report online at www.annualcreditreport.com.
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Debt consolidation can help you pay off debt faster but it's not the best choice for everyone. Learn more about when you should and shouldn't consider consolidating your debt on the Inside Debt Consolidation website.
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