It's a really good idea to check your credit every year, especially since identity theft is such a big problem. And unfortunately, older adults are more vulnerable to scams.
There's a reputable company (that's endorsed by the US government) which offers free credit reports that are actually free: annualcreditreport.com.
How to Request Your Free Credit Reports
There are three ways to get free credit reports from annualcreditreport.com:
- Order your free credit reports online at annualcreditreport.com
- Call annualcreditreport.com at 1-877-322-8228
- Fill out the Annual Credit Report Request Form and mailing it to:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
Have this information ready when you visit the annualcreditreport.com site:
- Name and address
- Social Security number
- Date of birth
- To confirm your identity, you may also be asked about a mortgage payment, car loan or other item on your credit report.
Beware of "Free" Credit Reports that Aren't Really Free
Some companies offer free credit reports but charge a fee or make you buy a product (like annual credit protection) before you can get your free report. One company that comes to mind is freecreditreport.com, which advertises heavily on television. The company offers "free" credit reports but to you must agree to a 7-day trial in one of their programs. If you don't cancel the program within 7 days (which can go by very fast) you will be billed $14.95.
The best rule to follow? If they ask for a credit card or bank account number, it's not free. Better to stick with annualcreditreport.com.
The US Federal Trade Commission has a good suggestion about getting your free annual credit reports. When you complete your application at annualcreditreport.com, you'll be offered free reports from each of the three major credit reporting companies: Equifax, Experian and TransUnion. Instead of getting all three free credit reports at once, space them out every 3-4 months. That way you'll be able to keep track of any changes to your credit report throughout the year, rather than just once a year.
Remember: You can only get one free credit report per year, per credit reporting company. Put reminders in your calendar (and be sure to write down your username and password) so you know when your year is up. That way you can continue to monitor your credit status by getting free credit reports throughout the year, each year.