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There is a ton of commercials on TV that advertise a Free Credit Report. I think there a little misleading in that they are not really free. Why do the Free Credit Report sites ask for a credit card? That should be your first Clue that they are in fact NOT Free.

If you do a google Search you'll find a ton of site offering the "Free Credit Report" On example is credit report.com It sounds good but to get your so called "Free Credit report" you have to enrolling their credit monitoring programs that cost anywhere from $12.95 to $29.95 per month. They claim that you can cancel at anytime but I have a hunch that it would be a little hard to cancel without getting billed for a month or two.

Credit Monitoring Programs are not a bad thing (In fact I am going to write my next Blog post about the best  credit monitoring site) I just don't like how they are intentionally misleading consumers and think it ought to be illegal for them to call it a FREE CREDIT REPORT.

If you want a TRULY FREE CREDIT REPORT Then talk to your local mortgage broker when it comes time for a home Loan. If your in Washington or Idaho you can visit Spokane Mortgage for a Free Mortgage consultation and Free Credit Report. You can also call Me at 509-340-3909 anytime with questions.

 

 

18 Comments on Free Credit Reports... are not Free.

JUL
01
2007
1 Featured Post
They will give you a report without a score for free.  Kinda like a cone with no Ice Cream if you ask me.  Also if I'm not mistaken they give you an Experian report but forget to mention residential lenders require all three bereau's.  I guess some car dealerships just pull one, not sure, someone please enlighten.
2:08pm • #1
definitely have to keep up with it, can subscribe to legitimate service...you get what you pay for once again.
2:16pm • #2
1,001,316 Points 2 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Howdt Scott

Very good blog post you have here. Have a fun and safe summer.
2:18pm • #3
198,363 Points 12 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp
I believe there is a law that requires credit bureaus to provide one free credit report per year, isn't there?  I know that you do have to ask for it.  You might want to publish on how to obtain those as well, for those that aren't in the arena for a home loan currently.
2:18pm • #4
130,775 Points Outside Blog
In the marketing advertisement what really in the free part and who would give out your credit card # if it really is free.
2:21pm • #5
110,830 Points

It seems a lot of sites & advertisements are doing that.  I have heard of them saying that the credit card verifies the account.  Crazy ways to get money... Nothing costs nothing.
2:23pm • #6
Great post.
2:37pm • #7
425,275 Points Outside Blog Called Shot Master

Scott, you bring up a great point. Let us know what you find. As I tell me children there is nothing free in life.
2:43pm • #8

Joe --

Yes, auto dealerships will pull one bureau first to see if it gives them a score that they can use.  If not, they move on (this reduces the impact on the borrower's credit report and is an honorable practice, accordingly.)

And you're right -- the Fair Credit Reporting Act entitles you to a free annual copy of your credit report, as well as a further free copy whenever a derogatory item is placed on your credit report -- but you won't get your score without paying. They're giving you the data on which the score is based, so that you can act on the items themselves. The bureaus' real product is the score, and I can understand not making them give away their main product for free.

You can get your credit report without giving any credit card information out -- just bear in mind that they're really going to try to sell you something while you're on their site, so you have to be vigilant and steer clear of the sales pitches. 
2:50pm • #9
6 Featured Posts
Great Post Scott -- One other thing to consider is that pulling your own credit report can actually hurt your credit as it will count as an inquiry against you .  Go to your favorite Loan Officer and have him pull it for you.  By law we cannot give you a copy of the report but you certainly can study it as long as you want. 
3:10pm • #10
Great point Scott. I had a friend work for one of these companies and he said their whole angle is that there are tons of people who forget to cancel during their free period. So they have 500 people sign up and only 300 cancel in time. Big surprise! Now you have involuntarily signed up for a credit monitoring service for 39.99 or so.
3:34pm • #11

I don't think that pulling your credit report can hurt your credit score. With all of the idenity theft going on it's critical that everyone check their credit report a couple of times a year. The best site to get your score is at annualcreditreport.com . I pull one from a different credit bureau every 4 months. That way I am covered most of the year.  If you want more info on your credit score go to the Fair Issac . Credit scores are not free but your morgage broker may be willing to help you out.  Consumer reporter Clark Howard has some good current infor at site.http://clarkhoward.com/shownotes/category/7/42/
3:49pm • #12
1 Featured Post

Pulling credit will only count against you if there are more than 7 inquiries in 90 days or if the scores are pulled by different types of companies in a short span.

For instance, if you were to go to an appliance store and apply for credit, then you drove down the street and applied for a new car and then finally you applied for a mortgage in the same week the credit bereau's would dock your score as a warning to us and to protect you from yourself.  The different pulls show you are irresponsibly applying for credit and you may be over extending yourself.  That being said, if you have a 720 score and you are docked a few points (Im not sure how many it would actually be) you would still have a high enough score to qualify for any and all of these things as you have already demonstrated your responsible use of credit.

If you were to do this and had a 580 or lower, being docked a few points will affect your ability to qualify for any of these as it is intended to do.  This protects the consumer from overextending themselves into a purchase or purchases they cannot afford and protects the lender from a possible or probable default due to a rapid and sudden increase in debt load. 

*Breath*

Hope that helps!
4:24pm • #13

I agree with Michael, the best site is annualcreditreport.com   I have assisted several clients with their FREE credit reports so they can dispute negative info themselves.

If they want a service, the best I found is Lexington Law- you can sign up for their affiliate program too:

Referring Your Clients

To refer clients to ScoreBoostTM (75 day service)

1. Have clients sign up using your ID: 9222
  Phone: 800-636-0268  id #9222
Online: www.lexscore.com
Direct Link: https://score.lexingtonlaw.com/SignUpSecure.php?tid=988.0.9222
2. Email your clients' credit reports to:
  reports@lexscore.com

To refer client to a regular Lexington service

1. Have clients sign up using your ID:
  Phone: 866-348-8440  id #9222
Online: www.lexingtonfs.com
Direct Link: https://www.lexingtonlaw.com/SignUpSecure.php?tid=662.0.9222
2. Email your clients' credit reports to:
  documents@creditrights.org

 
4:50pm • #14

I beg to differ!! DO NOT email your credit report or your clients' credit reports ANYWHERE, EVER.  Email is absolutely unsecure as a form of data transfer; emails go through the net via Internet Protocol, and the kind of people you DON'T want reading your personal financial information know how to read your emails as they go by.

That's why people consider faxing to be more secure -- as long as it's not an efax on either end (why? efaxes go via email, not through any sort of encrypted gateway.)  Traditional fax machines -- the kind that go from your machine sitting on your desk, plugged into a phone jack on the wall to another fax machine answering a dedicated number are more secure, since it's a direct connection between your fax and theirs.

For that matter, never key in your social security number on any web page that isn't using an address beginning with "https:" -- that "s" at the end means "secure," and your browser can only connect with it using secure sockets layer (encryption) technology.

Being cavalier with your information security is of of today's best ways of getting your identity stolen (or your client's, if you're doing it on their behalf.)

-- Jordan Graham, a mortgage broker who takes your privacy seriously 
6:35pm • #15
JUL
03
2007

Thanks Everyone... you all make some great points. I think I have got the best response from this blog post. :)
11:51am • #16
here is another post about pertaining to Credit Reports
12:24pm • #17
I monitor my own credit through a company and when I have pulled it through a lender it never shows on the report, per the Bureau, these are not counting against the credit and I see to evidence that it does.  One thing for sure people do need to monitor their credit.  There is a fee but it beats having to clear up identity theft.
10:37pm • #18

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