Free Credit Reports and How to Use Them

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 are many websites that advertise free credit reports if you agree to test out their services. The only place online where you can find a truly free credit report is the American government's website, www.annualcreditreport.com. You can apply for you free credit report online, by phone, or by mail.

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.

Knowing your credit score is not necessary if all you want to do is check on your credit history. It is good to know, however, if you are interested in applying for a loan sometime soon. If your credit score shows up low for some reason, you will be able to prepare an explanation to the loan officer that you will speak to regarding why your credit score was low and what you have done to change your financial situation.

Credit watch services can also be beneficial to some people. For example, if you are concerned that your current or former spouse is causing damage to your credit score or if you are worried that your identity will be stolen, credit watch services will help you stay aware of what is happening with your credit.

Remember that you can indeed receive a no strings attached, absolutely free credit report online at www.annualcreditreport.com.

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