Free Annual Credit Reports Online - The Skinny!

OK, here is the deal. According to the Fair Credit Reporting Act, each of the 3 credit bureaus (TransUnion, Equifax, and Experian) is required by the federal government to provide consumers with one credit report free of charge, once a year. So you can actually get 3 free credit reports, one from each bureau, once a year. That's the annual part of the annual free credit reports.

This free report is available at www.annualcreditreport.com link

Now... Some people like a little extra, and considering the large sums of money on the line for consumers its not a bad idea.Having 5% higher interest rates can cost an extra $500 bucks a month in mortgage payments every month, and simply be the result of $500 worth of stupid dings on a credit report (parking tickets, library fines and a forgotten bill, eak!). Anyhow, that example may be silly, but it really happened to me. All right, it was a little more then that, but you get the drift. So, anyhow, with literally thousands on the line people like a little more protection, convenience and a better picture then a once a year snap shot. How else will you be able to tell if the changes you requested to your reports were actually made?

What more you get with Credit Reporting services:
First and foremost, you receive the ability to look at your score at anytime. This is key for making sure changes are made, that the credit reports match and that any problems can be detected promptly. A year later is usually 11 months to late! Experts suggest checking a 3 bureau report every month, or every four months at a minimum. Also you can fight identity theft by monitoring and reviewing your credit report online, at anytime. Alerts and warnings are available to inform you when something suspicious occurs. You also get the convenience of receiving the information immediately online immediately upon authentication of identity., instead of waiting for 15 days to receive it in the mail. (Credit Service Companies also offer score information over the phone or by mail).

The above added services make repairing your credit score and monitoring your credit score for problems (fraud, identity theft, human error) a lot more efficient, simpler and more accurately. Like I said, with thousands of dollars on the line for each consumer the added value of these services is generally well worth the $15 or so dollars a month. If I had followed this advise it would have definitely saved me thousands and a lot of hassle.

What Free Annual Credit Report Service Should I Use?
Well, if your broke the free annual report from the federal government is your ticket. But, if you aren't a college student or retiree you will want a 3 bureau online credit reporting and monitoring service. They aren't all equal though, I recommend going through Tri Free Scores at Free Annual Credit Report. They also provide a credit report information center to answer your questions.

...and that's it! That's the skinny on the whole TV ad, article, marketing blurb infested credit reporting thing! I hope that clears everything up.

Thanks.