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Free Credit Reports - Are They Scams?

Do you know what your credit score is? Have you checked your credit report lately? If not, you may want to check out your credit report asap especially if you are thinking of getting a loan in the near future.

But be aware... there are a lot of sites online that promise free credit reports but fail to deliver a comprehensive listing of all your credit report details.

In exchange for these so called free credit reports is the fact that you have to give up personal details to get them that will get you subject to email spam or constant calling to your home to upgrade these credit reports.

But you can get a free credit report in some states as it is required by the credit reporting companies to provide them to those residents within those states. The only snag is the fact that you are normally allowed only one free credit report per year and there is three main credit reporting companies, Experian, TransUnion, Equifax.

So if you are going for a major loan like a home or business loan you may want to get a all inclusive 3-1 credit report that combines all 3 credit agencies records.

You need to do this as not all business rely on the same credit reports when checking your credit. So if one of these companies has a less then perfect picture of your credit history can negatively affect your loan application.

Your interest rates for these loans are based on your FICO score. This FICO score tells the loan company how credit worthy you are. Just are few percentage points difference could meen quite a bit of difference in what your monthly payments will be... or even worse if you can get the loan in the first place.

Some companies offer the first credit report free- then add on additional features to make their money like credit alerts or identity protection... which is not a bad bet with all the news lately on id theft.

One company we have reviewed and like is one by the name of FreeNationalCreditReport - as they have a complete menu of services for individuals to keep up with their credit reports and how to increase your FICO scores.