Free Credit Report Information
With identity theft running rampant and experts estimating that nearly one in four people have inaccuracies on their credit reports that are costing them money, it is no wonder that so many people are interested in obtaining a free credit report to check the information included in the report. The information contained in the credit report associated with your social security number is very important to your financial future and can impact your ability to buy a vehicle, obtain a job, or purchase a home. It is very important for consumers to be aware of what is in their credit report and one of the easiest ways to do that is to take the steps to obtain a credit report for free.
In December of 2004, Congress passed the Fair Credit Reporting Act that created a law that every consumer has the right to view the information in their credit report and authorizes the three major credit-reporting bureaus to provide consumers with one credit report free of charge annually. This provides consumers with an important tool for gauging their financial health and gives them a way to spot errors before they become larger issues. Access to credit reports without having to pay money allows anyone, regardless of income, to review their credit report and correct any errors that may be found.
A credit report is a very important piece of financial information that is used by many different companies and agencies to determine how financially responsible and credit worthy you are. Mistakes in your credit report can lower your credit score dramatically and if your credit score is not high enough, you may be turned down for a loan for a home or a car, may not qualify for an employment position that requires handling money or company proprietary information, or may not qualify to rent a particular apartment. Knowing what information is contained in your credit report can help you determine your level of creditworthiness and shop for financial products accordingly.
Reviewing your credit report can also alert you to cases of identity theft long before you receive any other notice that your personal information has been compromised. Your credit report will list any accounts that have been opened in your name, the credit limit of those accounts, and how much has been charged to the account. If there are accounts listed on your credit report that you do not remember opening or that has unknown personal information listed for you, it is a good indication that you have been a victim of identity theft.
Unfortunately, many of the websites on the internet that claim to offer free of charge credit reports are actually selling subscription-based services for the credit-reporting bureaus. These companies draw in consumers with credit report offers and then enroll them in credit monitoring services for which the consumer will be billed monthly or annually if they sign up for the offer. These websites are not affiliated with the credit report program mandated by the Federal Government, but only 50% of the websites disclose this to visitors to the website.
One of the biggest issues with these websites is their billing methods. During the process of signing up for the free credit report, consumers are asked to enter a valid credit card number to verify their identity to the company providing the credit report. If the services associated with obtaining the complimentary credit report are not canceled within the specific time limit, then the credit card entered for verification purposes is automatically billed the full monthly or annual fee without any notice. In some cases, the disclaimer for this practice is hidden deep within the pages of the website instead of displayed where it can be easily seen.
Consumers that use popular search engines to search for credit report are usually directed to the websites that have conditions attached to obtaining the credit report because these companies are the ones that purchase advertising and top ranking from these search engines. Many of these companies provide valuable services for those that are interested in credit monitoring or obtaining an estimation of the person’s credit score, there are always some that are willing to take advantage of any person that does not read all of the information on the website completely.
In December of 2004, Congress passed the Fair Credit Reporting Act that created a law that every consumer has the right to view the information in their credit report and authorizes the three major credit-reporting bureaus to provide consumers with one credit report free of charge annually. This provides consumers with an important tool for gauging their financial health and gives them a way to spot errors before they become larger issues. Access to credit reports without having to pay money allows anyone, regardless of income, to review their credit report and correct any errors that may be found.
A credit report is a very important piece of financial information that is used by many different companies and agencies to determine how financially responsible and credit worthy you are. Mistakes in your credit report can lower your credit score dramatically and if your credit score is not high enough, you may be turned down for a loan for a home or a car, may not qualify for an employment position that requires handling money or company proprietary information, or may not qualify to rent a particular apartment. Knowing what information is contained in your credit report can help you determine your level of creditworthiness and shop for financial products accordingly.
Reviewing your credit report can also alert you to cases of identity theft long before you receive any other notice that your personal information has been compromised. Your credit report will list any accounts that have been opened in your name, the credit limit of those accounts, and how much has been charged to the account. If there are accounts listed on your credit report that you do not remember opening or that has unknown personal information listed for you, it is a good indication that you have been a victim of identity theft.
Unfortunately, many of the websites on the internet that claim to offer free of charge credit reports are actually selling subscription-based services for the credit-reporting bureaus. These companies draw in consumers with credit report offers and then enroll them in credit monitoring services for which the consumer will be billed monthly or annually if they sign up for the offer. These websites are not affiliated with the credit report program mandated by the Federal Government, but only 50% of the websites disclose this to visitors to the website.
One of the biggest issues with these websites is their billing methods. During the process of signing up for the free credit report, consumers are asked to enter a valid credit card number to verify their identity to the company providing the credit report. If the services associated with obtaining the complimentary credit report are not canceled within the specific time limit, then the credit card entered for verification purposes is automatically billed the full monthly or annual fee without any notice. In some cases, the disclaimer for this practice is hidden deep within the pages of the website instead of displayed where it can be easily seen.
Consumers that use popular search engines to search for credit report are usually directed to the websites that have conditions attached to obtaining the credit report because these companies are the ones that purchase advertising and top ranking from these search engines. Many of these companies provide valuable services for those that are interested in credit monitoring or obtaining an estimation of the person’s credit score, there are always some that are willing to take advantage of any person that does not read all of the information on the website completely.
