Absolutely Free Credit Reports
At some point, you may be looking to get a copy of your credit report for many reasons - checking the accuracy, looking to get a mortgage, seeing what may be updated. There are many companies offering so-called 'free credit reports', which may be tempting at first, but with a little insider knowledge, you can see easily avoid a headache. Why are free credit reports not free at all? Let's take a look:Everyone Buys From the Bureaus
The three major Credit Reporting Agencies, or bureaus, Experian, TransUnion & Equifax, make their money selling consumer information to those who inquire. The only time this information is free is when you, as the consumer, are denied credit and can request a copy from each individual bureau. Everyone else must pay a fee for this privileged information, and must also get your permission to pull the report.
Free Trials
Probably the most common practice of those who 'give away' free credit reports is to sign you up for an additional free trial with their service. You will most likely have the option of cancelling the service before you are billed, but this is normally a small window of time, and their business banks on the fact that most people will forget about it. They must pay for the credit reports from each of the bureaus, so they pay the fee up front, in hopes of making their money back later in their relationship with you.
Selling Your Personal Information
When you get a free credit report, most times you'll have to enter gobs of personal information about yourself ranging from your address, telephone number to if you own or rent, how much debt you have, and why you want your credit report. They can use all of your information for future marketing or sell it to any other company for their usage.
You Get What You Pay For
Most places that offer free credit reports do not have the resources to ensure a quality product. They can purchase the same information form the bureaus that anyone can, but it is not delivered in a consumer-friendly format. Paying a small fee for your credit report ensures that a quality company is behind the product.
Your Best Bet
You might get the feeling that free credit reports are not all they're cracked up to be. What's the alternative? A small one-time fee, usually under $30 is all you have to pay to get a 3-in-1 credit report from a reputable company. It'll save you time and money, and a lot of headaches when the 'free credit reports' come back to make up what they've invested.
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