Free credit reports really are available to consumers

Q. Where can I find a "free" credit report?

So far, different sites want information to charge me for extra services.
-- Lost

A. There are plenty of services that offer free credit reports, but you'd have to buy other products in order to get the so-called "free" report.

Think of those catchy commercials with that guitar-carrying guy who sings, and sings and sings about his employment troubles while adorned in themed costumes. That site offers so-called free reports, but they're only free if you buy other products, such as credit monitoring services.

The good news is that there really are free reports available to consumers. Once a year, you can request a free copy of your credit report from each of the three major credit bureaus: Equifax, TransUnion and Experian.

Much of the confusion about free reports is that some consumers believe they're entitled to free credit scores, which are different from credit reports. A credit report will list all of your past borrowing experiences, while a credit score is a number that indicates to potential lenders whether or not you'd be a good credit risk.

''Scores, which most individuals are interested in, will come at a cost regardless of which site you visit,'' said Michael Gibney, a certified financial planner with Highland Financial Advisors in Riverdale.

You can visit the web site for Fair Isaac, the maker of the FICO credit score, at myfico.com. You'll pay for your credit score there.

The official web site to get free credit reports once a year is annualcreditreport.com. This site is sponsored by the three credit bureaus.

''The reports are a good source of information, especially to see if there are any erroneous accounts that may affect (lower) your score,'' Gibney said.

You can choose to take all your reports at once, or you can space it out, for example, taking Experian in January, TransUnion in May and Equifax in October.

You can also get a free credit report when you apply for a loan or line if you are denied credit, said Vince Pallitto, a certified financial planner and certified public accountant with Summit Asset Management in Florham Park.

''Your credit report can be a very important factor in your lifestyle,'' Pallitto said. ''Therefore paying a reputable site such as Equifax, TransUnion or Experian may be worth the small investment.''


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