The Federal Trade Commission has warned more than 18 websites providing free credit report that have unable to comply with the Federal rules and regulations. The FTC states that they need to disclose the fact that a free report is available under federal law. According to the amendment of the Free Credit Reports Rule by the FTC and has been implemented on 2nd April, 2010. This rule helps in the disclosure to the consumers so that they can avoid buying credit reports that they are eligible to get it for free.
Here are a few points that you need to know about getting your online credit report:
A consumer is legally entitled to a free annual credit report. The Fair Credit Reporting Act states that the consumers are entitled to secure a copy of their credit reports from each of the three credit reporting bureaus Experian, Equifax and TransUnion every year for free.
If you are keen to get a free online report then you can rely on www.AnnualCreditReport.com website to acquire a copy of your free credit report.
Make sure that you frequently review your credit report as it is considered to be a crucial part to rebuild your financial health. The government has bestowed the grant upon consumers to get free access to credit report as it helps to review your current financial situation. If you repeatedly evaluate your credit report then it will help you keep a check on the creditors whether they are reporting information accurately. You can immediately request the credit bureau to remove the incorrect entries if you locate any discrepancies. The credit report helps to give an overview of how the lenders and bankers view your financial state. Reviewing your credit report helps to avoid the repercussion of identity theft as you can keep a track whether any miscreant is using your personal information or accounts.
The Federal Trade Commission alerts many companies who are involved in fraud. The fake company promotes to give a free copy of a credit report but it compel the consumers to sign up for unnecessary credit monitoring services or other subscriptions in order to get access to the “free” report.
A new rule has been implemented by the FTC on 2nd April, 2010, the websites or agencies providing credit report are required to disclose about the fee of the services so that the consumers can understand the difference between actually free offers and others having hidden costs.