You may have seen the ads telling you where you can get copies of your consumer credit reports for free. Read the fine print and you will see that there is some sort of catch with these ads that will ultimately cost you money. You dont need to pay for your reports no matter what someone else says. Lets take a look at how you can really and truly get copies of your credit reports for free.
Thanks to an amendment made to the Fair Credit Reporting Act in 2003, Congress authorized the Federal Trade Commission to mandate that copies of your credit report be made available to you for free. Previously, in order to secure your report, you would have had to pay a fee. As of September 2005, residents of all fifty states are now eligible to obtain a free copy of their credit report from Experian, Trans Union, and Equifax once per year.
So, why were the reports made available at no charge to consumers? Well, even though all three companies operate independently from the government, combined they carry so much weight in determining your credit standing and your very livelihood that a decision was made that everyone should have access to their personal reports on demand....
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