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Is your credit report free?

Beware of offers for 'free reports'

By Tami Dixon

It was bound to happen. After the major credit reporting companies began to offer free credit reports, some opportunists decided to make a buck by preying on unsuspecting consumers.

Like lions picking off the weak from the herd, these companies spend heavily to advertise “free credit reports” that aren’t really free because you have to buy some additional stuff.

One company was recently fined by the Federal Trade Commission for charging a $79 annual fee for the “convenience" of monitoring your credit report for you. The service was bundled with a free credit report, so consumers were paying, in part, for something that they could have gotten for free.

Some companies use official sounding names to make it sound like they are part of the national system that Congress established several years ago to protect consumers from identity theft and other crooks. It’s easy to get confused by the hype, so here’s the straight scoop on where, when, and how often you can get your truly free credit report:

Go to www.annualcreditreport.com

First, understand that the Internet website - www.annualcreditreport.com - is the only authorized source to fill requests for free credit reports.

You’re entitled to one free annual report from each of the three major credit reporting companies – Equifax, Experian, and Transunion. Annualcreditreport.com is the easiest way to order your free credit report, but you can also order your report by calling (877) 322-8228 or by mailing the Annual Credit Report Request Service at P.O. Box 105281, Atlanta, GA 30348-5281.

Monitor your own credit report

Second, if you pull just one report from each of the credit reporting agencies at a time, you could check your credit report every four months. That’s an inexpensive way to stay on top of constantly changing financial information without having to pay for additional credit monitoring services.

When ordering your free credit report, you’ll be asked to enter some personal information, including your Social Security number and birth date. You also may have to answer a security question that only you would know the answer to such as the amount of your mortgage payment.

Never give out financial information

Finally, you should not be asked to enter any credit card payment information since the credit report is free. If you begin to see pop-ups asking for an account or credit card number, you’re on the wrong website. Get out of there fast! A free credit report request only needs to know who you are, not what financial accounts you own.
 
In the information age it’s impossible for consumers to control every bit of personal information that identity thieves may want to garner. But by checking your credit report every few months, you can usually catch any unusual changes before it gets out of hand.

Just make sure that you’re getting your annual credit report for free!

Tami Dixon is STCU's senior research analyst.