Free Credit Report. Is-it really free ?

Yes. Yes, it is free. Anyone can absolutely have a free copy of his credit score report, granted that he knows where to actually get it and when. Thanks to Uncle Sam and the passage of the Fair Credit Reporting Act, each and every consumer is entitled to be furnished with their credit score report on one occasion in 12 months from each of the 3 national credit reporting agencies.

Now, let’s analyze. Free credit score report once a year. Check. Or rather, make it 3 credit reports a year. One from Experian, one from Equifax, and one from TransUnion. It is your right to obtain a copy, free of charge, of your credit report---only of your credit score report, not your FICO credit score, not your PLUS, not your BEACON, not your EMPIRICA, and certainly not your credit score explanation. These credit scores are additional services (beyond that of the scope of the Fair Credit Reporting Act, thus, not given freely).

What is credit report? Well, essentially, this is a compilation of your credit history---the debts you owe, credits you’ve inquired and applied for, defaults, unpaid bills. These are a few of the factors affecting your credit history. These data are gathered from creditors, lending institutions, banks, and merchants. As previously mentioned, by operation of law, free credit score report may be acquired once in every 12 months. And the governing body that sees to it that the Fair Credit Report Act be put to practice and complied with is the Federal Trade Commission or FTC. They are the ones who coerced the three main credit score reporting agencies to arrange everything so the consumers can check their reports freely.

Where can I get a copy of this report?The best place to acquire such document is through a website designated to provide the service. One can easily browse the World Wide Web or enter the site address (www.anualcreditreport.com) and punch in the needed information for verification purposes, of course. This is fairly an easy and fast process to access your credit reports.

The  bottomline is, take advantage of this opportunity. This is probably the only site where you can get a free (no strings attached) credit report. Do not be lured by the catchy TV ads or carefully created website contents that states they’ll furnish you with free credit report. These sites possess the mantra, ‘nothing is free.’ The scheme is that unwitting consumer will sign up for what he assumes to be a free credit report, but in reality, he is signing up for expensive services like credit monitoring, credit protection, and the like. Usually, these companies have a 30-day trial, and unless you call them to cancel, you’ll encounter monthly surprise fees from businesses allegedly offering free credit reports.

Take time to read the fine print. This is where they state the ‘free credit report and trial credit monitoring/protection’ clause and the ‘cancel and not pay a penny or continue the monitoring service and pay monthly fees’ clause. Beware of shrewd businessmen. They often flock the fields like a pack of wolves waiting for an unknowing prey.

When is the ideal time to get my free credit report?Remember that you are entitled to free reports from each of the credit reporting bureaus. So you’re entitled to 3 reports in the span of a year. And it is but wise to spread these reports in order to be informed and updated on your financial standing. Once in every 4 months is the typical requesting period. These credit score reports are pretty much similar (not exactly alike, only similar) so you’re more or less up-to-date with your credit report and the accuracy of the data.

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Speaking of data, you have to keenly check these information and personal data. Print a copy of your credit score report if you must. It could be a total of 15 to 20 or more pages but it is worth the ink. If the information encoded is wrong or is missing, or if there are activities or movements that you are not familiar with or that you don’t recognize, contact the reporting bureau and start the process of disputing and resolving the same.

If you like to get credit scores and what they mean, you can do so by visiting the company websites of the 3 reporting agencies or you may opt to visit FICO’s. This again, has a price. Credit score meaning and its interpretation can only be obtained by purchasing it.