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Free isn't always free

Print Posted by Jill Boynton December 14, 2009 02:08 PM

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Yes, there is a free credit report available to you but no, you don't get it at Freecreditreport.com. If that sounds confusing, it is!

I did a google search for "free credit report" and came up with 3 websites at the top of the search results, under the sponsored links. The first one, www.freecreditreport.com, will give you a free report, but at the same time signs you up automatically for their $14.95 per month Triple Advantage (sm) credit monitoring program. The second site, www.creditreport.com, also auto enrolls you in a $14.95 per month program that automatically monitors your credit. The third site, www.freecreditreportinstantly.com, auto enrolls you in two programs: a $29.95 per month "Credit Diagnosis" (sm) program and a $1 per month Your Savings Club, a discount buying club.

All of these automatic enrollment services give you 7 days to cancel, but you can't get your free credit report without the hassle of signing up and then cancelling services.

The New York Times recently reported that Freecreditreport.com has settled charges with the FTC and paid a $1.25 million fine for misleading consumers on their website.

If you want the free credit report that you are entitled to, with no strings attached, go to www.annualcreditreport.com. This is the site set up by the government that allows you to access a report from any of the three credit bureaus, at no cost - for real! Just remember that you are allowed one free report from each bureau every 12 months. So if you request a report from Experian in November you'll have to wait until next November to request another one from Experian, but you can request a report from Trans Union in December.

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Andrew Chan is the founder of Integrative Financial Advisors in Framingham. He provides comprehensive financial planning advice and investment management services. He has been an adviser for over 12 years and works with clients to integrate all aspects of their finances including investments, retirement, education funding, and tax planning.

Cheryl Costa is a managing director at AFW Wealth Advisors, which has offices in Natick and Purchase, N.Y. She advises clients on investing, education funding, and estate planning. She holds a master’s in business administration from Boston University.

Jamie Downey has been an accountant for more than 14 years. He's a partner at Downey & Co. in Braintree. Prior to joining the firm, he served as a manager in the audit department of accounting firm KPMG.