A totally free credit report is a way of keeping track of things without having to pay yet another monthly subscription to a company. Credit reference agencies hold the key to whether an applicant for a store card, mortgage, credit card or loan is going to be approved or not. Although a history of bad credit is a growing problem in America, many people are just as worried about identity theft and whether the data Experian, Equifax and TransUnion holds is factually accurate. Poor information not only adversely affects an application for credit, it could also push-up the cost of insurance and reduce job prospects in certain professions.
Credit Reports for Free vs Paid Subscription Service
There are some excellent online credit monitoring services, but expect to pay a monthly subscription to benefit from them. In fact, most services specifically provide a trial period to attract new customers. Despite the fact that all the add-ons can help a victim of identity theft, it will probably be seen as a luxury by people who haven't experienced this problem. A free credit history report is more than sufficient to check for errors and other potential issues before making an application for a financial product.
Where to Get a Totally Free Credit Report
The Fair and Accurate Credit Transactions Act gives every U.S. citizen the right to request a totally free credit report from all three credit reference agencies once every 12 months. The site that is officially recommended by the Federal Trade Commission (FTC) is annualcreditreport.com. Although many people mistakenly believe that they cannot request a free instant credit report, this isn't actually the case. Everyone sees the data held, just not the credit score.
Access to Free Instant Credit Report and Credit Score
Although the annualcreditreport.com site provides access to a totally free credit report, there is no current legal obligation to provide a free credit score. This can present a problem when a family needs this information to decide which low interest loan or best buy credit card to apply for. Although this information can be provided for a small fee, this isn't necessary. A site, such as freecreditscore.com, offers a 7-day introductory trial. Just remember to cancel the agreement before the end of the trial.
A Totally Free Credit Report Every 12 Months
An American citizen can order their credit reports for free online or by post once every year. When ordering a free credit report online, never pay for a credit score during the application process. Most people simply need to verify that the information held is accurate and there haven't been any credit applications that weren't made by that person. If a free credit score is needed, take advantage of a trial offer at freecreditscore.com and cancel it before the 7-day offer expires. Although credit scores do periodically change, this should be more than sufficient.
Sources
"Your access to free credit reports." Federal Trade Commission (FTC).
Asa Ghaffar - Asa has over 10 years of practical experience in loan approval, secured lending, bad credit repair, stock trading and debt management.
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