If you are worried about your credit status and considering commencing the process of credit repair then one of the first things you should do is obtain a copy of your personal credit report. But how will you go about getting hold of your credit report? You’ve seen offers on the internet about free credit reports but can you trust them?
The simple answer to this question is yes. But there are some catches that you should be aware of and the sensible course of action is to take care as you proceed to ensure you know what you may be getting yourself into. It may not surprise you, you probably suspected it to be the case, but the companies making these offers are indeed looking to get something from you, they are not making the offer out of the some sort of civic responsibility.
In short they want your money. But it’s free! I hear you say. Well, that is true, but you really should read the fine print before you start. In order to get hold of your free credit report you have to enter certain details and information that looks suspiciously like you are being asked to pay for something. The reason for this is that what the company making the offer really wants is to sign you up to a credit report subscription account.
The free credit report offer is simply a way to tempt you in. What you are signing up to is a free trial period, after which the subscription kicks in and you begin to pay. Being slightly cynical, the company is hoping is that you forget to cancel the subscription arrangement once the initial trial period has elapsed.
Credit reference agencies are required by law to provide you with an up-to-date copy of your credit report for a very small fee. The subscription accounts that the free credit report offer companies wish to sign you up to can in fact be very expensive.
In conclucion, if you have a habit of forgetting to do things at certain times then the best advice would be to request a copy of your credit report directly from the credit reference agencies. Should you decide that you would still prefer to take advantage of the offer for the free credit report, then I recommend as soon as you have received your report that you immediately cancel the subscription arrangement that you have signed, lest you forget to do so later.
If you would like to make a comment, please fill out the form below.
