PSA: Have you checked your credit report lately?

tplyons · #1 05-02-2008, 10:23 PM

For those who don't know, the Fair and Accurate Credit Transactions Act of 2003 made it law that allows consumers to request and obtain a credit report from the big three credit agencies FREE once per year. All can be done online at www.annualcreditreport.com

Check it annually for free, I know I do.

Ericman197 · #2 05-02-2008, 10:46 PM

Not that I doubt you, but are you 100% sure this is legit? Last time I tried one of those online credit things, I got a $35 charge, and monthly $1 charges that were really difficult to get rid of.

tplyons · #3 05-02-2008, 10:50 PM

Annualcreditreport.com is the only free way to do it, and the website is a collaborative effort of the big three agencies because of FACTA.

Not to be confused with freecreditreport.com which is only free for the first month, $13.99 a month afterwards, and more difficult to cancel than AOL.

tbrannon · #4 05-02-2008, 10:53 PM

Quote:

Originally Posted by tplyons

For those who don't know, the Fair and Accurate Credit Transactions Act of 2003 made it law that allows consumers to request and obtain a credit report from the big three credit agencies FREE once per year. All can be done online at www.annualcreditreport.com

Check it annually for free, I know I do.

Actually you are entitled to a free report from each of the 3 credit reporting agencies each year.

Get a report from one, then ask for one 4 months later from one of the other credit agencies..... if you rotate every 4 months you get 3 free checks/year instead of 1.

I started a thread a month or so ago because my wife was the victim of identity theft- it's serious business. Protect your credit!!

tplyons · #5 05-02-2008, 10:54 PM

Quote:

Originally Posted by tbrannon

Actually you are entitled to a free report from each of the 3 credit reporting agencies each year.

Get a report from one, then ask for one 4 months later from one of the other credit agencies..... if you rotate every 4 months you get 3 free checks/year instead of 1.

Good thinking... never considered the rotation like this. Great idea!

I might have to start that next year.

tbrannon · #6 05-02-2008, 10:58 PM

Quote:

Originally Posted by tplyons

Good thinking... never considered the rotation like this. Great idea!

I might have to start that next year.

I would also seriously consider placing an 'alert' on your Social. My wife and I have actually placed a freeze on our credit because of the identity theft. No new credit can be issued unless we alert the companies that we'll be applying for something in advance.

FL Knifemaker · #7 05-03-2008, 06:35 AM

I HATE the credit system but if you aren't actively watching, improving and monitoring it, you're in financial Lala Land

My accountant is telling me that I have to "improve" my credit before I buy my next home. Right now my credit is perfect other than not being used enough. Basically I need to USE the system, PAY interest AND CARRY a modest balance in order for me to get the best possible mortgage. Pretty EFFING dumb if you ask me, actually it's an EFFING SCAM!!!

NJL · #8 05-03-2008, 06:41 AM

as well, guys, be sure and check out the forums at myfico.com. probably some of the best information in life there.

FL Knifemaker · #9 05-03-2008, 06:56 AM

Quote:

Originally Posted by NJL

as well, guys, be sure and check out the forums at myfico.com. probably some of the best information in life there.

Very true.

It all comes down to this..........

The credit system doesn't reward intelligent finacial management. It rewards the use of credit, the more you can use and PAY FOR, the better the rating you get.

Being self employed, this doesn't work at all in my favor. I need to be able to cover all my expenses if I suddenly couldn't work OR wanted to expand my business. Having a bunch of loans over my head would be suicide. Being FORCED to use the system to artificially improve my rating is BS.

When you think about it, the rating doesn't take into consideration a persons net worth......Again, it's a SCAM

Marcury · #10 05-03-2008, 11:45 AM

Quote:

Originally Posted by FL Knifemaker

Very true.

It all comes down to this..........

The credit system doesn't reward intelligent finacial management. It rewards the use of credit, the more you can use and PAY FOR, the better the rating you get.

Being self employed, this doesn't work at all in my favor. I need to be able to cover all my expenses if I suddenly couldn't work OR wanted to expand my business. Having a bunch of loans over my head would be suicide. Being FORCED to use the system to artificially improve my rating is BS.

When you think about it, the rating doesn't take into consideration a persons net worth......Again, it's a SCAM

Absolutely, the credit card system is totally fubar. I carried major credit card debt for years. I cleared it up @ 15 years ago (before things really got out of hand), but it means my credit rating is not good, because I pay bills in full and on time.

FL Knifemaker · #11 05-03-2008, 12:56 PM

Quote:

Originally Posted by Marcury

Absolutely, the credit card system is totally fubar. I carried major credit card debt for years. I cleared it up @ 15 years ago (before things really got out of hand), but it means my credit rating is not good, because I pay bills in full and on time.

There should be a way to secure small loans like cars, etc. using a portion of your net worth as collateral but that wouldn't make the lenders any money

Even borrowing against my properties isn't very lucrative. I guess if you make enough money you can just say FU to the credit companies and buy everything cash. I would do that but moving into our FINAL home and my FINAL workshop will be tough without getting a bank involved, at least for a partial bridge loan.

Ericman197 · #12 05-03-2008, 04:13 PM

You might want to talk to an accountant about that. My parents were able to get a very good mortgage rate on a second house by using other money as a sort of collateral. Technically they could have paid in cash but the other money was tied up.

FL Knifemaker · #13 05-03-2008, 04:34 PM

Quote:

Originally Posted by Ericman197

You might want to talk to an accountant about that. My parents were able to get a very good mortgage rate on a second house by using other money as a sort of collateral. Technically they could have paid in cash but the other money was tied up.

I talk with my accountant about 3 times per week. He says finance a boat, write it off as partial business expense, bump my credit rating up over 800 to gain the best terms when I relocate

Working for myself, I never have time for a god damn boat

Same thing with a vehicle. I just cannot see spending 40-50K on a new pickup truck. If I made a 5 mil a year, I probably wouldn't spend that much. I just spent 2K on brakes, engine parts and a lift kit for my old Jeep, that's enough to keep me more than happy. I might even have the AC installed next month