In the World of Free Credit Reports,

There is Good News and Bad News.

The Good News is:

Yes, there is something for “free”! The Bad News? You will have to pay with time and frustration to get it.

This, unfortunately, is the game that credit bureaus will make you play to get those “free” credit reports.

Let me explain.

If you go to www.AnnualCreditReport.com you can get a free credit report once a year from all three credit bureaus. (This is a law mandated from Congress; otherwise, trust me, it would not be “free”. The credit bureaus are not magnanimous, as you will learn from trying to get your “free” credit report, although they do have this wonderful website.)

The Bad News is: it is extremely difficult to navigate.

The Good News? It does work.

Now, some warnings.

If you are asked for a credit card for your free report, you have navigated to a wrong page and you must back track to get to the right page. Usually it is at the bottom of the page to the left and says: “No Thanks, I just want my free credit report.” Click there and it will take you to the correct place without having to pay.

Now, for some fun.

You will have to identify yourself and prove that you are who you say you are. This is Good News.

The Bad News is that it can be difficult to remember the answers to security questions they ask.

For example they may ask for:
•    Former addresses
•    Account numbers of revolving or installment accounts
•    Past Mortgages info
•    Past Auto Loans info
It’s not too hard, but you will need to be prepared before you log on with account information, etc.

Also, once you have gotten into the website you will have to search for a way to print the file. It is small and kind of hidden but it will say something like: print this file, or printer friendly version. At this point, click the button and print out your report but be aware that you will need lots of paper and be sure your ink is up in the printer.

The credit bureaus make it as difficult to get this free credit report as possible so that you will not try to fight their policy of keeping incredible amounts of negative information on your credit file. After all, this is what makes them their billions of dollars each year.

So-

The Good News is: you will have a credit report that will have all your credit information on it, both personal and accounts. It will also have the inquiries you have done over the past two years.

The Bad News? It will also have a whole bunch of other stuff on it that is not yours.

Now to get to work and fix this mess….=o)

BTW:
There are other ways you can get a free credit report if you have already gotten one from this site. If you are applying for a job or been denied credit in the last 30 days, the credit bureaus are required to give you another credit report for free.

President Obama has signed a bill that will finally bring relief to credit card consumers. The bill takes effect in March, 2010.

The credit card companies have built in many “gotchas” over the years and thumbed their noses at congress, the law and the American consumers to the tune of Billions of dollars each year. But now the law has come back to bite them. Some of the “gotchas” are gone, not all mind you, but some. Here are the new laws taking affect in March 2010.

1) Grace Periods Are Back – You won’t be counted as late unless you are 30 – 60 days past the due date. No longer can your bank tell you that it takes several days to process your payment.

2) End Universal Default – Right now, if you are late on a single payment, all your credit card companies can raise you to the top 30% interest rate. Ending “universal default” will stop this abusive practice.

3) Eliminate Teaser Rate Hikes – If they raise your rate, you will be able to pay your exiting balance off at the lower rate. Only new purchases will get the higher rate.

4) Cap Penalty Periods – Right now, if you are late, your rate shoots up – maybe forever. With the new law, the penalty period will be 6 months, after which the bank will lower your rate if you continue to pay your bill on time.

5) Regulate Overpayment Allocation – If you pay over the minimum, the bank will have to allocate the extra towards the balance being charged the highest interest rate. Right now, if you pay more than the minimum, the banks usually apply that towards the balance carrying the lowest rate.

Of coarse it is best to use the principles that I teach in my blog and my new book… (WATCH FOR IT, IT’s COMING SOON!). These principles will teach you to pay down your credit cards, or pay them off each month without interest, increase your credit limits and that will increase your credit scores dramatically. Not just a point or two like most tips but up to 120 points if the conditions are right. Check out my new book and see what I mean.

Till next time, Save, Save, Save and pay off those bills… Now! It will dramatically enhance your life, you won’t be a slave to finance anymore and you will have peace of mind about your future. future.