Instant Credit Report-Don’t Pay for It

You’ve seen the commercials. They are all over the TV screen. Get an instant free credit report. Don’t let someone steal your identity. Protect yourself. There are dozens of companies that offer a free credit report on their website. But be careful. They are not all what they are cracked up to be.

There are several dangers to be careful of if you feel you need to get a credit report. My family just had a bank card number stolen and thousands of dollars taken from our account. We are protected because the charges were fraudulent, but in such a case, it is always wise to get a credit report to make sure no other personal information is being used to steal from you.

If you find yourself in a similar situation, know who to turn to. There was a law passed in 2005 that entitles every American to one free credit check every year. Marketers were drawn to this law and began to twist policies and create companies that would lead you into spending you didn’t count on.
There is only one official site for getting that yearly free credit report. It is www.annualcreditreport.com. If you visit any other site, you may find yourself paying for it, one way or another.

A common scheme among these companies is to bring you into their service for a free trial period. This period can range from seven to 30 days. Usually the service is free during the trial period, and you have the option to cancel with no additional charges at any time during the free trial period. If you miss the cancelation date, you will be charged the full amount for the program. Some companies charge you for the monthly fee. Others will charge you for an entire year’s worth of monthly fees. At this point you have no recourse. You are on the hook for those fees, and that is what these companies bank on.

If you choose to sign up for one of these programs, mark your calendar. Put notes wherever they will be the most clearly seen. Don’t miss the cancelation date! You will pay for your free service if you miss the deadline. Additionally, if you do get charged the first time, they have access to your account. If you are not paying attention, you may be charged monthly without giving additional consent because you consented to the initial charge. Read all the fine print and know what the company will be doing with your banking information.

Another way these companies can get your money is by luring you into another company’s products. You may find yourself signing up for a completely unrelated membership, catalog, or service. Read the fine print. You may find yourself signed up through for the credit service because you agree to the free trial of the unrelated service.

Marketing companies are very good at what they do. They bring in revenue for the company they represent. They do it legally, if not totally ethically, so you must be sure to protect yourself. Don’t sign up for these programs without doing your research.

There are a number of sites that you can use to find out which companies are the most reputable. Check out some of these sites by doing a free credit report search using your favorite search engine. You will find comparisons of all the major providers. Don’t use a no-name company. Your free report can cost you a lot of money.

Know what you are signing up for. Some of the companies that offer a free report don’t offer scores. Some offer scores without the report. Some offer reports or scores from only one or two of the three credit reporting companies. Know what you are getting. The search you do to compare the credibility of companies can also help you compare what services you will be getting from any company you might choose.

Read through the site you choose very carefully. They probably have a box somewhere in the site that authorizes them to sell your personal information. It is probably checked by default. Find that box and uncheck it before you submit your membership information. If you don’t your name and information can be sold to multiple companies and you find yourself inundated with unwanted credit solicitations, sales brochures, and general junk mail.

It is easy to take for granted that people are doing good business. Most of them are, but there are those who are out to make a buck at your expense. Don’t fall into these traps. Be aware. Read everything, and don’t submit your personal information to anyone whose credibility you are not certain about.

Credit reports are a valuable tool in keeping up with your financial health. Get your free instant report each year, but do it through the appropriate channels, and don’t be sucked into the hype. Be a smart consumer, and protect your family’s financial health by doing your homework.

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