Why You Must Monitor Your Credit Scores After Bankruptcy?
One of my steps in the Not The Final Chapter – Life After Bankruptcy System is you need to monitor your scores for progress and you want to get that monitoring only from Fair Isaac also known as the company that created the FICO score. The FICO scoring system is what all credit lenders use for making there decisions and you need to see what they see to improve your credit.
Check out this FREE 30 Day Trial , to see how it works by GETTING STARTED Now!!!
How Does A FREE Credit Report Come With A Monthly Bill?
On television it’s hard to miss the wildly popular band of slackers singing ruefully from a shabby apartment or while waiting tables in pirate regalia. The ruined credit that led to their financial misfortune might have been sparkling if only they’d tracked their status on freecreditreport.com.
This is a deceptive practice that is used by Experian, one of the 3 credit reporting agencies. Experian owns freecreditreport.com, but you do get a free credit score with a trial of their credit monitoring service for $14.95. In the world of direct marketing, this is called a force continuity strategy that to take an offer you must automatically sign up for a trial. They hope or know that you will forget about this and then you start getting billed against your credit card you provided.
So now the Federal Trade Commission is getting involved.
The Federal Trade Commission is not amused. It has long believed that the company that owns freecreditreport.com is deliberately diverting people from a government-mandated site where consumers can get free credit reports by law, and using the reports as a lure for a $14.95 monthly service that alerts subscribers to important changes in their credit status.
Credit monitoring provides customers with real-time updates about changes to their credit files that might affect how lenders see them. These services can be useful for identity theft victims, for example, who want e-mail alerts about new accounts that thieves might have opened in their name.
Yet for the vast majority of consumers whose credit status doesn’t change quickly or drastically, a monitoring service is a waste of money, these critics say. Keeping a close eye on your bills and checking your credit report several times a year is enough. And that can be done without spending a penny because the government requires the three major credit bureaus — Experian, which owns freecreditreport.com, Equifax and TransUnion — to provide one free report annually to consumers.
If you would like to read more on this article in New York Times, read on here
To get a truly FREE credit report from each of the credit reporting agencies, go to www.annualcreditreport.com
