They’ve got a catchy song that wants you to believe that Free Credit Report (dot) com is free.
We’ve seen them on a bike, in a sub-compact, or even at a Renasansne Fair. And the commercials are marketing genius, the problem is that unless you pay attention — that free credit report will cost you $14.95 per month.
From “their” Web site: When you order your free report here, you will begin your free trial membership in Triple AdvantageSM Credit Monitoring. If you don’t cancel your membership within 9 days of enrollment, you will be billed $14.95 for each month that you continue your membership. If you are not satisfied, you can cancel at any time to discontinue the membership and stop the monthly billing; however, you will not be eligible for a pro-rated refund of your current month’s paid membership fee…
Hmm … you have nine days to cancel. I usually forget to do laundry for that long.
Now, the United State government has established a ruling where we all have the opportunity to review our credit report one time every 12 months for free. That can be done at AnnualCreditReport.com, however do not expect to have a “credit score”. Basically, the objective of this report is that all the information be accurate. The companies will not give you a score — unless you pay to upgrade and receive their complete report.
So what is it good for?
The biggest thing it is good for is making sure that you know what is on your credit report. Did an ex “borrow” your credit for a new pair of shoes and never pay? Did someone hack into your GoDaddy account and buy $300 worth of stuff? (Welcome to my world…)
It is free, request it and make sure the items are correct. Much easier to do that today, as opposed to when you attempt to get pre-approved for home, car, or anything else.
I’ll leave you with the catchy jingle.
“Toby’s Tip” is an occasional feature highlighting things that I find interesting in the world.
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