Getting to the Nitty-Gritty of Credit Reports
We’ve all seen the funny “free credit report” commercials with the young men and women who are either stuck living in their parent’s basement due to bad credit, or working a humiliating job at a local restaurant serving customers in pirate hat due to identity theft. Bottom line: You don’t want to be these people.
Although we will admit, these commercials are good for kicks and giggles, these online credit report providers who claim to be “free” are indeed not. The website contains the following fine print:
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 the 30-day trial period, you will be billed $12.95 for each month that you continue your membership.
While this may be disappointment to all TV-fanatics, there is a solution, and one that we highly suggest. You can (and should) request a free (no fine print included) credit report every 12 months from the following providers:
While there will be no muscular man with your credit score written on his tight T-shirt, you WILL receive accurate and free information that will be useful in knowing your financial standing.
So, why do we suggest knowing your credit score?
The rates of your mortgages and car loans depend on your credit– the better your score, the lower rates you will receive. Most banks and department stores will run a credit report before you can get approved for a credit card.
In addition, landlords, employers, insurance companies, and even utility companies all use credit scores to help make business and credit decisions for consumers.
To sum it up, this means that your credit is the most important component of your entire financial portfolio. Keeping and eye on your FICO score is crucial; especially if you’re looking to make a major purchase in the near future.www.attorney-newyork.com