Free Credit Reports for Everyone!
The date has finally arrived for free credit reports for everyone in the United States. Tomorrow, September 1, is the final roll-out day for the new annual credit reporting system put in place by the three major credit bureaus according to the new credit reporting laws that went into effect last year. The free credit reports are available at annualcreditreport.com or by calling the toll free number: 1-877–322–8228.
By all accounts I've heard, the demand for these free credit reports has been quite underwhelming compared to what the "experts" expected. Although there is a surge in interest each time a new section of the country is offered the reports, many don't seem to care. I'm not sure what the numbers are on people who haven't bothered to request their credit report, but I can't imagine why anyone wouldn't want to request theirs, especially when it's free and can easily be done online (well fairly easy, anyway) or by phone.
For some reason a lot of people are content to stay in the dark regarding their own credit history, even though a huge chunk of those credit reports are replete with errors and outdated information. It's difficult to know exactly what to do to improve your credit if you don't know what your credit is like. Which brings up another point, your credit score is what most banks and lenders look at when deciding your credit worthiness, so it's worth it to pay the extra fees to get your credit score. I know it's lame to have to pay for something that's technically "yours", but unfortunately, under the current system the credit bureaus are able to get away with it. Your credit reports alone are useful, but to really get an idea of what potential lenders would think of your credit, you need to get your FICO credit score.
If you don't want to spring the $5 per score, pay for one at least, or if you don't want to cough up any money, just get the free reports and check for errors or inconsistencies between the different bureaus' reports. Remember that it's your responsibility to ensure that the information on your credit report is accurate. Nobody else will do that for you. The credit bureaus don't really have time to check everyone's report for accuracy, so don't expect it to happen without some pressure from you. You know the old saying, "the squeaky wheel gets the grease." It's true, especially when it comes to credit-related issues.
One last thought for today, if you really want to keep on top of your credit, you might consider a credit monitoring service. These services give you constant access to your updated credit reports and scores. There are several different options available, but the most useful is one that gives you access to your reports from all three major credit bureaus (Equifax, Experian, and Transunion). These monitoring services can be very helpful if you're in the process of trying to improve your credit for a big purchase like a home or if you're simply trying to rebuild your credit. Also, they are a great way to keep close tabs on your credit activity, so if anything suspicious like identity theft happens, you'll be aware of it more quickly.
By all accounts I've heard, the demand for these free credit reports has been quite underwhelming compared to what the "experts" expected. Although there is a surge in interest each time a new section of the country is offered the reports, many don't seem to care. I'm not sure what the numbers are on people who haven't bothered to request their credit report, but I can't imagine why anyone wouldn't want to request theirs, especially when it's free and can easily be done online (well fairly easy, anyway) or by phone.
For some reason a lot of people are content to stay in the dark regarding their own credit history, even though a huge chunk of those credit reports are replete with errors and outdated information. It's difficult to know exactly what to do to improve your credit if you don't know what your credit is like. Which brings up another point, your credit score is what most banks and lenders look at when deciding your credit worthiness, so it's worth it to pay the extra fees to get your credit score. I know it's lame to have to pay for something that's technically "yours", but unfortunately, under the current system the credit bureaus are able to get away with it. Your credit reports alone are useful, but to really get an idea of what potential lenders would think of your credit, you need to get your FICO credit score.
If you don't want to spring the $5 per score, pay for one at least, or if you don't want to cough up any money, just get the free reports and check for errors or inconsistencies between the different bureaus' reports. Remember that it's your responsibility to ensure that the information on your credit report is accurate. Nobody else will do that for you. The credit bureaus don't really have time to check everyone's report for accuracy, so don't expect it to happen without some pressure from you. You know the old saying, "the squeaky wheel gets the grease." It's true, especially when it comes to credit-related issues.
One last thought for today, if you really want to keep on top of your credit, you might consider a credit monitoring service. These services give you constant access to your updated credit reports and scores. There are several different options available, but the most useful is one that gives you access to your reports from all three major credit bureaus (Equifax, Experian, and Transunion). These monitoring services can be very helpful if you're in the process of trying to improve your credit for a big purchase like a home or if you're simply trying to rebuild your credit. Also, they are a great way to keep close tabs on your credit activity, so if anything suspicious like identity theft happens, you'll be aware of it more quickly.
posted by Dave at 4:34 PM
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