You see the offers all over your screen when you try to surf the net, the banners advertising free instant credit reports from some online service or agency. When you click on them and read the small print, it turns out that you need to sign up, create a profile, give a password, and volunteer your credit card information before they allow you to see your credit report. That does not sound like free to me. Free usually connotes something that is given in exchange for no consideration, thus the term “free.”
On the face of it, free instant credit reports seem like a good way to finally see what your credit score is and so many people fall prey to the scam and sign up, not knowing that they are signing up for a monthly service that will charge them a hefty fee each month. It will come out automatically from their checking account if they gave a debit card number or it will show up as a charge on their credit card statement if they use a charge card. Either way, they will be paying for something that they thought was going to be truly free.
The worst thing is that they will continue to charge you the monthly service fee until you decide to call the company and cancel the subscription. This is easier said than done. These online companies that offer free instant credit reports do not readily give up their phone numbers and when they do they severely under staff them so that the disgruntled caller may have to wait hours in order to get a customer service representative to help them. These customer “disservice” representatives will argue and try and do everything they can to dissuade you from canceling your account. If you stick to your guns however they must obey and cancel the account. If you catch it early enough into the first billing cycle, you may be able to get a refund, though most companies object to giving back any of their hard swindled funds.
The best way to get free instant credit reports is to go to the online sites of the three major credit reporting bureaus themselves. Just make sure that you don’t give up your credit or debit card number and you should be alright.
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Just as you go to the dentist for that six-month checkup, so must you check your credit score, for good financial health. Using that analogy, think about this: wouldn’t you rather find a small cavity brewing at six months, rather than requiring a root canal through sheer neglect? Everyone is entitled to receive a free credit report once a year, but these days, it’s smart to check your credit report as frequently as you see your dentist. With all the identity theft that’s been going on, it doesn’t take long to have your credit rating ruined! In the old days, very few people checked their credit report at all. When they applied for credit, they expected to be approved, assuming they paid their bills on time and had sufficient income to cover the debt. That’s all changed. Read on and see how and why you should check your credit score on a regular basis.
Since you’re entitled to a free report each year, there’s no reason not to do it. It doesn’t cost a cent and you gain peace of mind, knowing that your credit report is accurate. It’s far easier to correct misinformation and address trouble spots early on. If you neglect to check your credit report, you could end up with a mess that will take months to straighten out, during which time you’ll have difficulty taking out a loan of any kind. While you may well feel that your credit history is no one else’s business, be aware that prospective employers sometimes run a credit report on individuals applying for work. If you rent your home, landlords and property management agents do, most often, obtain a credit report before renting out property. So it’s easy to see how failing to check your credit score could wreak havoc with your life!
Checking your credit report and score every six months should be sufficient to keep yours accurate. The fee for this essential financial report is nominal and well worth the few dollars it costs. You can obtain a copy online almost instantaneously, but you do want to be careful and assure that your connection is secure. You can easily ascertain this?just look for the little ‘lock’ icon at the bottom right-hand side of the browser page. If you prefer to check your credit score offline, just go to your local credit reporting agency and get a hard copy on the spot.
Your credit score appears at the top of the first page of the credit report, followed by an itemized listing of all of your current debts, including any delinquencies, as well as those debts which have been paid. When you check your credit score, here’s what you need to know: a credit score of 580 or less is not good, while a credit score of 700 is excellent.
First, look over each item to be sure first, that the debt is legitimate, and then, that the amount owing for each debt is correct. You’d be surprised at the number of inaccuracies that appear on people’s credit reports. If you do find discrepancies, follow up with the creditor immediately to iron it out. If you’ve been listed as delinquent and in fact, were not, send your proof to the creditor and ask them to correct their records and remove the inaccuracy from your credit report. Just a few inaccuracies, once corrected, can significantly impact your credit score. Creditors are required, by law, to correct your credit report data within 30 days. If a debt is listed which isn’t yours, the creditor must either provide proof the debt is yours or remove the item entirely, again, within 30 days.
You can now see how and why?you must check your credit score at least twice a year, for your good financial health!
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Article Source: http://EzineArticles.com/4880930