Getting a REAL copy of your credit report…
I’ve been bombarded lately by the overplaying of a TV commercial that really agitates me.
It features a man dressed as a pirate in a restaurant singing a silly tune about getting his identity stolen. The commercial implies that having your identity stolen will ruin your life and somehow force you to lose your job. The only way to prevent the tragedy, according to the commercial of course, is to pay a small fortune for monthly credit monitoring services.
I’m not saying that losing your identity is easy.
I had my purse stolen a few years ago and I was terrified every time I ran my report. I was simply waiting for that ticking time bomb to explode.
Can I tell you what DIDN’T happen? I didn’t lose my job. Crazy enough, I still had the ability to work and my brain still functioned – unlike what the commercial portrays.
Losing your good name will not force you to sing as a pirate in a restaurant and preying on people who fear this is over the line. In fact, I believe these credit monitoring agencies are a complete rip-off.
You have the right to obtain your credit report FOR FREE on a yearly basis from each of the three major credit reporting agencies (go to annualcreditreport.com). If you’d like a copy of your credit score, it’s an additional $5 – $7.
You can also put a fraud alert on your credit if you feel your information may be at risk. I put a fraud alert on my credit immediately after I financed our home. I knew my social security number was floating around several financial institutions and I didn’t want to take the risk. The fraud alerts last 3 months and can easily be renewed if you feel you need a little extra time.
But here’s the kicker….
You are still at risk – even if you use a credit monitoring company. I was silly enough to hire one of these agencies AND I had a fraud alert on my credit and I was still able to finance $1,500 worth of dental work without a hitch. They didn’t even call to alert me that someone was taking out a loan.
What am I trying to say?
The only person who can RELIABLY monitor your credit is Y-O-U.
You can obtain your report online. You have no excuse.
I check my credit twice a year. You should too.
Stay informed. Know your score. Know what’s on your report.
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Posted: January 20th, 2009 under Credit Score, Life in General, Saving Money.
Comments: 6
Comments
Comment from Todd
Time: January 20, 2009, 6:15 am
Here’s the link for the official (government established) website to request your once a year free credit report from all 3 agencies:
Comment from Dan Massicotte
Time: January 20, 2009, 6:48 am
Wow, I guess if it’s a credit monitoring company all they do is monitor it, but don’t take much action. That’s ridiculous.
I remember doing some research to see what Canada offered for the free credit report. Didn’t find anything.
Comment from ceejay74
Time: January 20, 2009, 9:03 am
I hate those commercials! With the exception of the ones where he has to live at home or buy a crappy car, none of the threats they make are well-founded. (And when I see the car one, I’m always like “Good! You should only buy the car you can afford outright anyway!” LOL.)
And the songs and the spokesdude are REALLY annoying.
Comment from Nicole
Time: January 21, 2009, 12:29 pm
Thanks for the heads up! I’ll go check mine now!!
Comment from Jay
Time: January 21, 2009, 8:43 pm
While I doubt I’ll ever use that site, I think their commercials are great. When they come on the TV in our break room at work, I notice everyone pays attention to them and comments when there is a new one.
I’ve heard my nephew and niece singing them too, so they are really catching on.
I guess a lot of people are paying for credit reports or they wouldn’t be able to pay for all that advertising!
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