Navigate carefully through sea of 'free' credit report offers

Navigate carefully through sea of 'free' credit report offers

July 16, 2007

By DON DARE
6 On Your Side Reporter

KNOXVILLE (WATE) -- A new study by Consumer Reports shows dozens of Web sites advertising so called free credit reports. But they come with strings attached, such as unwanted charges on your credit card.

Each year, consumers are entitled to a free copy of their credit report from each of the three major credit reporting bureaus: Equifax, Experian or Transunion.  

These companies all provide credit reports. However, in order to receive the free credit report you're entitled to by federal law, you must visit this separate site, sponsored by the three major bureaus.

Often, consumers will do a Google search that finds more than two-dozen sites advertising free credit reports.

The companies offer extras such as credit monitoring. Programs like that can cost up to $150 a year.

Also, Consumer Reports says half of all credit reports are loaded with errors that could affect you if you're trying to get a loan, open another credit account or even rent an apartment.

If there's false information on your credit report, you should write a letter and provide proof.

And remember, you're entitled to a free report from each of the three big credit bureaus, so you can stagger them and get one every four months. That way you can monitor your credit year-round at no cost.