Free isn’t always free Posted
by Michael at 05/19/05 04:54 PM
The law is being phased in across the country and gives consumers free annual copies of their credit reports from each of the major credit bureaus. Free credit reports are accessible through a centralized web site mandated by the law as well as by phone and through the mail.
But some consumers are getting confused by web sites that promise free credit reports but instead charge for services offered by some of the credit bureaus. A new study by an independent research firm found dozens of such web sites that are easier to find through web searches than the official AnnualCreditReport.com web site mandated by Congress. Another study by the World Privacy Forum has highlighted other problems with how the free credit report law is being implemented.
Don’t get ripped off by these deceptive web sites and other scams.
For tips on how to order your free credit report, check it for accuracy, and correct mistakes, click here.
comments
(3)
1
Posted by dewey1973 at 05/19/05 06:01 PM
Does it negatively effect my credit to get a report every year? Don't they count a inquiries and therefor lower my score?
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Posted by Allan at 06/01/05 12:40 PM
Excellent information! I just want to add, that as a previous resident of the Commonwealth of Massachusetts, free credit reports have been available for a while now. For the past three or four years (at least), one free credit report per calendar year per person has been available for all Massachusetts residents. This is for anyone who lives in MA that is not aware of this state law, and may not want to wait until September when other New England states provide this information.
Thanks!
3
Posted by MichaelM at 06/16/05 04:54 PM
Sorry about the delay in responding to your question about whether ordering your free credit report will affect your credit score.
Here's the answer: Checking your credit report through this new program will not affect your credit score. On the other hand, your credit score can be lowered if you apply for too many credit cards. Each time you apply for credit, a lender's inquiry to view your report is noted, which reduces your score. But don't be afraid to shop around for a mortgage or auto financing. Multiple lender inquiries made in a short period of time for the same type of loan count as one.
Michael McCauley
FinancialPrivacyNow.org
Consumers Union
