Free Credit Report: Don’t pay for it!

The government has required the three major credit reporting agencies to give you a free copy of your credit report once a year, and you can sign up to get them at   But the finance industry has found many ways to convince you to pay for these free reports.

Most commonly, they sell you on a “credit monitoring service” for a monthly fee.   So far they have managed to get 9 million people to pay them about $700 million for these monitoring services.  For most of us, these servcies are not necessary.  As EdgarDworsky, founder of and a former member of Experian’s consumer advisory panel, puts it:

“Does the average person really need to see their credit reports more than once every four months? Do you need to look at it daily?…That’s paranoia.”

One of the main ways they sell these unnecessary services is through TV commercials.  If you see one of these, don’t bite.  Instead go to and see if the free service is enough for you.

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