The Free Credit Report Scam

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As of September 2005, every consumer in the US is entitled by law to one free credit report per year. But ever since that law was passed, there has been nothing but confusion.

The web sites that say they are offering this so called free credit report are asking us to give our credit card information. Does this sound like a free credit report to you?

You may have even given your credit card number to these companies to sign up for a 30-day trial of a credit service that has nothing to do with getting your free credit report.

In fairness, you can cancel the service after thirty days. But how many people do you think forget and end up with monthly or annual credit card fees?

In fact, these companies are counting on you to forget about the thirty day trial and charge that fee to your credit card. But if the law says you get a free report, what’s the point?

A lot of people are confused about these free credit reports because of how some companies are marketing the free credit reports. Hopefully, this information clears some things up for you.

For those who just want the bottom line, a free credit report is available here http://www.AnnualCreditReport.com And it is the only official site that helps consumers get their annual free credit report.

The site’s security protocols are excellent, with physical and technical security and encryption. This is important for purposes of identity theft because the information on your credit report should only be seen by your eyes.

So if this site is readily available and anyone can get a free credit report once a year, what’s the problem? Here’s the catch: The credit report you get from http://www.AnnualCreditReport.com There is no credit score.

Now you might be asking, “Then what’s the use of getting this free credit report without a credit score?” There are some good reasons why you might want to check your credit report even without a credit score.

Did you know that over forty percent of all credit reports contain errors? If you spot these errors, you can correct them before they affect your credit score. If you contact a credit bureau about an error, they are required by law to clear it or delete it after thirty days.

If you monitor and review your credit report, you can check to make sure you are not a victim of identity theft. If someone takes over your accounts and runs up thousands of dollars in debt, they can destroy your credit score in a matter of hours.

These are just a few good reasons why you might want to get your free credit report once a year and inspect it to make sure everything looks as it should. You can get your free credit report online http://www.AnnualCreditReport.com either by phone or through mail.

So where do you get your credit score? This is where the confusion arises and this is where the answer lies. The law passed by Congress said nothing about credit scores, only one free credit report per consumer per year.

You have to pay for a service to get your credit score and some companies are confusing people with the way they are marketing it. They provide you with a free credit report and score and many consumers consider this their annual free credit report.

But if you have to sign up for the credit service they offer for a 30 day trial period, does it seem free? What these companies are counting on is forgetting about the 30 day trial and charging your credit card after the trial period is over.

It’s in the fine print, but how many people actually read it. So here’s a good common sense rule of thumb. Whenever you have to provide your credit card information, ask yourself, “Is it really free?”

Many of you probably know that this is happening because you have been trapped in this kind of marketing strategy. But for those of you who just want your annual free credit report, you can at least be aware of what’s really happening and there’s a no-nonsense way to get it.

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