Consumers were
entitled to one free credit report from each major credit bureau – Equifax,
Experian and TransUnion every 12 months. Consumers are allowed to obtain a free
copy of a credit report denial of credit, receive public assistance, a victim
of fraud or are unemployed.
Some websites provide
a free credit score but they are not affiliated with the mandated government
website and the credit score provided is not a FICO credit score which is used
by 90% of companies to rate consumers for approval for credit. Credit scores provided
by many free credit score websites offer an estimated credit score. Most major
banks offer customers a free copy of their credit score.
Not all free
credit report websites are the same and many of the websites display
information that is confusing to consumers. In exchange for getting a free
credit score or credit report, consumers risk their personal identity.
Many of these
companies sell, rent or share consumers’ personal information that increases the
risk of identity theft. Many of the free credit report websites offer a free credit
report but require a credit card to sign up. The websites may also offer credit-monitoring
services for a fee.
However, credit
monitoring services can be received free of charge if you have been a victim of
identity theft. The only reputable website to use is www.annualcreditreport.com to get a free
copy of your credit report. The website charges a small fee to obtain a copy of
your credit score.
