Is Your Free Credit Report Really Free?

There has been a blitz of advertisements on television, radio and the internet recently for web sites claiming to offer free credit reports. Many of them though do not offer the same information you can get elsewhere. Others are even scams to get your personal information.

What's this new Free Credit Report every 12 months thing all about?

Beginning September 1, 2005, free credit reports will be accessible to all Americans. The amendment to the Federal Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies to provide a free credit report once every 12 months if requested.

Which web site should I use for my free credit report?

The three nationwide consumer reporting companies have set up one central website at http://www.annualcreditreport.com. On the site, you will be provided credit reports by Equifax, Experian, and Trans Union. Don't expect to get your credit score for free also though, that costs extra. Trans Union has the lowest priced credit score report at $5.95. The others offer it for $6.95.

What are the dangers of using a different web site for my credit report?

You'd be giving all of your personal information to a possible rogue entity. Who knows what they will do with it? Some sites will actually give you a free full credit report, but then sell your personal information to advertisers. The result is bombardment with spam, junk mail and telemarketing calls. Others provide a report that's not very detailed and offer paid services to obtain more information about your credit.

If you'd like to find out more information about your free credit report. Visit the FTC's web site at http://www.ftc.gov/bcp/conline/pubs/credit/freereports.htm