Why do we have to pay for our own credit report?

Question

It's my fico score,

My credit info,

Why should I have to pay for it?

What the big deal?

Answer 1

You don't, new law says you can get 1 a year all you have to do is ask your bank.

Answer 2

Federal law says that you can get a free credit report from each of the 3 bureaus once per year. Go to annualcreditreport.com. However, you may still have to pay to get your FICO score.

Answer 3

Credit reporting agencies are independent businesses. They are not governmental agency's.

The drawbacks of using a free FACT-ACT report is that if you have something on there that you want to dispute, it gives the credit reporting agency's an extra 15 days to work on your dispute. That makes a big difference in whether your dispute is effective.

Using the paid reports give them 30+5 days to finish the dispute, using the free reports gives them 45+5 days. (the 5 days is for mailing)

Selling you your credit reports is a small fraction of the money they make off of you.

The following is just a couple of examples of how they make the money from "YOU" if you are not opted out:

They sell your reports to company's for promotional purposes.

They sell your report to collection agencies that are looking for bad debts.





If you want to read something really scary, order your LexisNexis reports. Not everyones LN reports are that bad, but many people will find out that they have no privacy what-so-ever, and there is very little that you can do about the information that those reports contain.

For example, you may find people on that report that you have never heard of before, simply because they were/are your friends, neighbors, co-workers, worked in the same building, went to the same school etc. Also, you could be on "their" reports too.

And, anyone with $8.00 and your SSN can order your LN.

Answer 4

Actually you don't. The government allows you to get your credit report 1 yr or 1 every 6months for free. I can't remember the website but the government will allow you to down load a copy. I say it on the today show about a year ago. These companies that sell you the reports are reaping off the everyone.

Answer 5

I believe there is a government sponsored site where you can get a free credit report from the big 3 bureaus once per year. I got a newsletter from my local politician in eastern Pennsylvania and ordered one from one credit bureau, I left the other 2 open in case I needed to see them. I don't recall the site, though. Do a net search.

I agree with your premise that it should be free to you always.

Answer 6

First, you don't have to pay for your credit report (anymore).

You have to pay because it's a private company that produces and maintains the report & score. This is not a government service. Would you think that you should be able to call a telemarketer if you forgot your phone number?

Answer 7

I agree, they make money off of your credit report. It should be free. Although you can get a free credit report if you're denied credit. The law says that they have to give you a copy within like 60 days or something. It's really lame.

Answer 8

Fico score is a new pareto made up by credit companies so they can charge you. Your credit information is free, once a year.

Answer 9

You were detected, selected, rejected, inspected
Past due, overdue, undue, redo,
Foreclosed on, bankrupted.
Verified, terrified,
Charged off, garnished, judged on,
Paid not as agreed, defaulted, denied.

They did all this for you, hashed your info
Rehashed your info,
Made a score
your score,
just for you.
And now you wonder

why?
You have to pay.

They have salaries, rents, phone bills, payroll tax, insurance;
Health insurance, 401K, electric bills, computer expenses, telephone.

Do you expect THEM to pay? keep dreaming. Ain't gonna happen.

Them that pays, eats. Them that don't, starves.

Answer 10

this is a way for credit companies to try earning a few bucks. you're entitled to one free credit report from every agency once a year.