Have you seen those "free credit report" ads? They're the ones with a catchy jingle and the promise of a free credit report. But the catch is often that you're enrolled in a subscription service to have your credit monitored at a price of up to $200/annually. The public has been so deceived by these ads, particularly those put out by FreeCreditReport.com.
Under federal law,
AnnualCreditReport.com is the one and only site for your truly free credit report. You are allowed one free credit report every year from each of the three main credit-reporting agencies -- Equifax, Experian and TransUnion. For those without computer access, AnnualCreditReport.com can be reached at (877)-322-8228.
So far, the problem has been that people are not making their way to the correct website because of all the misleading advertising. But with new regulations going into effect April 1, FreeCreditReport and websites like it must have a clear, bold disclosure that tells you you're
not at the right place for your free credit report.
Moreover, they'll have to remind you to go to
AnnualCreditReport.com, and they'll even be required to link you over to the real site!
Later this summer, their TV ads will also be required to prominently convey the same info.
Clark suggests marking your calendar every four months to get one of your reports. That way you're never more than four months away from a "report card" about your credit situation.
