Credit Reporting

When the FreeCreditReport.com advertisements first came over the airwaves, they were kind of cute, and we looked forward to the next installment. Seems the western world likes serials of any sort, doesn't it? More recently though, these ads have started to become annoying, primarily because they are shown so relentlessly. Please, please, please, stop it before we hunt down that frickin' little French-Canadian singer Eric Violette, who does the commericals, and choke him. The damn commercials aren't even filmed in the US.

On the surface, services like Free Credit Report.com and the credit reporting bureaus seem useful and harmless. Some folks even believe they are some sort of branch of government or a requirement thereof. Au contraire, mon cheri! First, credit reporting bureaus (CRB) are private businesses working for your creditors, NOT you. Oh, they'll be more than happy to protect their paying clients' interests by changing your contact information so your creditors can track you more easily, but just try to get erroneous information changed, and you'll find it difficult to nearly impossible. Ever wonder why you get all those credit card offers? The CRBs also provides your information to them or just about any other company that is willing to buy it.

The reason advertisements for credit checks and scores are so prolific is simply that your creditors want to make sure they have up-to-date information on you in the event you default on a loan or credit card. Defaults are at an all-time high due to the sinking economy, so the CRBs and services like FreeCreditReport are using the stolen identity scare tactic to get you to check your information and provide them with any changes. Unless you have a solid reason to suspect that something is wrong with your credit report, there is no reason to contact the CRBs. They and the services make money by holding your credit rating hostage unless you pay to get it. That is really what most people want to know and they are making a killing off selling it to you while providing updated info to your creditors or anyone who would like it. You can get a free report, but you can't get a free score. This is where they make their money.

Don't believe the hype that you absolutely must check your credit report annually. It is a scam being perpetrated on the unwary. Whoever you are trying to get credit with will check and if there is a problem, they will let you know. Then, you can get all your credit reports and scores free and address any issues found. Don't provide the blood suckers any information until you have to.