Repair Bad Credit : Credit Repair : Free Credit Reports

Free Credit Reports

To begin, "FreeCreditReports.com" does not provide "free" credit reports. Is a report free when you have to pay a membership fee? I don't consider it free and neither do those who pay the fees those reports. Truly free reports are available and they don't cost you a penny. Though FreeCreditReports.com isn't a true credit repair agency, they do offer some services that repair agencies offer. These services are part of the fee and most can be obtained at no charge with some searching.

Many times negative reports are made to the three national credit reporting agencies with just cause and they appear on your report. However, after the time limit for these negative items they are not always removed and stay on the report until you complain. Anyone can obtain a copy of their credit report and file a written objection to items on the report and request they be removed. A credit repair business is simply doing this on behalf of a client.

Why Pay A Fee - It's FREE!

To obtain a truly free credit report, as mandated by law, go to the website AnnualCreditReport.com (Please Bookmark us first!). At this site you will find no fee of any kind. No membership requirement. No sign-up charges. This is the site that was created to comply with the law. It isn't advertised for obvious reason, as the credit industry that makes money, from those seeking to repair their credit. They don't want you to know their services are available for free. At this site you are entitled to 1 free report from each of the 3 major agencies per year. This means you can order all 3 at one time, or order from 1 agency every 4 months to have a constantly updating status report during the year.

Be Wary Of Credit Repair Businesses

Owners of a credit repair business have to give a potential client three business days after signing a contract to request a full refund if they choose to cancel and then must disclose details of the Fair Credit Reporting Act they will be following to attempt to remove old, invalid items from their credit report. They should also disclose that valid negative items cannot be removed.

Fraud Detection Services Available Free

Sometimes a credit repair business will also offer services to keep an eye on your credit report to insure against identity theft, offering to notify you if new accounts are opened in your name or to notify you of unusual activity. The credit reporting agencies will provide this service for you, without the need of a credit repair business. There are two levels of notification you can request and both will provide alerts if you believe you may be subject to identity theft.

The first is a notification that a new account has been opened in your name. At this time, your option is to contact the credit company with which the account is opened and inform them it is a fraudulent account and needs to be closed. The second is no account can be opened unless you are contacted separately. Even if you are the one applying for a new credit card or loan, the company needs to contact you for verification before it can be completed. While a credit repair business may offer this service, usually for a hefty fee, you can get the same service by contacting the agencies.