The U.S. government’s Consumer Financial Protection Bureau (CFPB) has sanctioned only one website, AnnualCreditReport.com, as the “official” site to offer a free credit report once per year to U.S. citizens. Consequently, the freecreditreport.com site and many other free credit report websites began offering credit reports for the nominal price of $1.
“Almost Free” Credit Report
If you choose to get your credit report, including a FICO score from the site, freecreditreport.com will charge your credit card $1. Both the report and score come from your data reported to Experian, one of the three major credit bureaus. The report has an easy-to-read layout, with each of the credit report sections on a separate tab. If you sign up for the site, review your credit report for accuracy, and check for anything out of the ordinary. Your FICO score will help you gauge your creditworthiness.
Site Features
The freecreditreport.com site provides you with detailed information on your payment history, amount of debt, length of credit history, and any recent credit inquiries. Each category shows what’s impacting your credit score.
There’s a Catch
To receive your $1 credit report and credit score from freecreditreport.com, you have to sign up for a seven-day trial subscription to Experian CreditWorks Premium, a monitoring service offered by Experian. To subscribe to the service and pay for your credit report, you’re required to enter your credit card information into freecreditreport.com. Freecreditreport.com gives you fair notice that your credit card will be charged if you don’t cancel your trial subscription. There’s a disclosure about the trial printed plainly on the first page of the website and another one on the order-submission form. Freecreditreport.com allows you to order a $1 credit report from it just once. If you’ve already received your $1 credit report, you won’t get another one, ever.
Cancelling Is a Minor Headache
To cancel the freecreditreport.com service, you have two options: contact the company by phone, or send your cancellation request by mail. The company’s website doesn’t offer the ability to cancel online. If you cancel over the phone, expect the customer service representative to read through some scripts in an attempt to convince you to continue your service. Call with your mind set on canceling the service, and stick to your “No,” regardless of what they offer you. The phone rep may offer you a large discount on your next month’s payment if you keep the account, which could make sense if you want to keep the account open for credit monitoring. If you choose to cancel, you’ll receive a confirmation email after you make the call.
