“Free credit report. com, tell your dad, tell your mom..” this catchy song has prompted many consumers - especially those hoping for a loan- to visit their site for a free credit report.
When you get to Freecreditreport.com, you are asked for your credit card information. This message is in small print at the bottom of the form:
“When you order your free report here, you will begin your 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…..” Yikes!
The Federal Trade Commission would like FreeCreditReport.com to change it’s tune. A government-mandated site already exists where you can get a free credit report by law.
You are entitled to a free copy of your credit report from each of the three major credit agencies once a year. Visit annualcreditreport.com, it is the only authorized online site under federal law. This will enable you to check your credit 3 times a year. Experts say, for the majority of consumers, that’s enough.
For more info on free credit reports and how to access them, click here.