Is FreeCreditReport.com Actually Free?
Free Credit Reports
The FTC has recently started up its own advertising campaign to alert consumers that freecreditreport.com is not actually free. Like, freecreditreport.com’s commercials, the FTC has started airing their own commercials depicting a group of 3 people who sing songs similar to freecreditreport.com’s videos. However, in FTC’s videos, the lyrics go “Other sites may turn your head; they say they’re free, don’t be misled. Once you’re in their tangled web, they’ll sell you something else instead.”
FTC Spoof Credit Report Commercial
AnnualCreditReport.Com
The FTC has a website dedicated to educating consumers about their right to receive a free copy of their reports, once a year, from all 3 credit bureaus.
According to the site:
“AnnualCreditReport.com is the ONLY authorized source to get your free annual credit report under federal law. The Fair Credit Reporting Act guarantees you access to a free credit report from each of the three nationwide reporting agencies — Experian, Equifax, and TransUnion — every twelve months. The Federal Trade Commission has received complaints from consumers who thought they were ordering their free annual credit report, but instead paid hidden fees or agreed to unwanted services. Don’t be fooled by TV ads, email offers, or online search results. Go to the authorized source when you request your free report.”
It’s not that there is anything wrong with the credit reporting agencies charging you for a copy of the credit report, if you’ve received your free copy already; it’s that by signing up with freecreditreport.com you will be automatically enrolled in their online credit monitoring service. The cost for this service is around $15 per month. While it seems like a good idea to monitor your credit reports on a daily basis, most consumers would never need this. Credit monitoring services would be a useful and almost necessary tool for victims of identity theft. Users can receive “real-time” updates about changes to their credit reports in their inbox. Most consumers, however, will not need to be notified every single time an inquiry is placed on their reports.
The New York Times explains that:
“…Experian is the biggest player in the lucrative niche of selling monthly monitoring. Nine million people are spending a total of $650 million to $700 million annually on the services, according to Carter Malloy, a Stephens Inc. analyst. Experian’s market share is more than twice that of its three main competitors combined. To replenish its rolls, the company relies heavily on its slacker ads, spending $54 million in 2008 to blanket the airwaves, according to TNS Media Intelligence.”
How to get your Credit Reports for FREE
Do not be confused by the deceptive ads from Experian. If you want a free copy of your credit report, head over to AnnualCreditReport.com where you will never be asked to enter a credit card number. Keep in mind that you are only entitled to one copy of your report from each bureau per year. If you require additional copies, you can order your reports directly from each bureau for a one-time fee. The cost for this is usually between $5-7 or about half the cost of one month of a credit monitoring service.
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