Truly free financial services

We all know in this consumer-driven society that “free” doesn’t always mean free. Generally, when you see an offer for free financial information, it comes with a catch. Here are some free financial resources that do not.

Read the fine print

Normally, when a consumer answers an ad for free financial information, they are automatically enrolled in some kind of continuing program. Usually that information is buried deep in the fine-print disclaimers and is easily missed.

The services listed below, however, are true to their word. They offer useful information with no hidden fees attached.

Credit reports

Federal law allows consumers to request one free copy of their complete credit report from each of the three reporting agencies every year. The three agencies are TransUnion, Experian and Equifax. The federal government has authorized AnnualCreditReport.com as the only Internet site to provide this service. To get a yearly free report, go to that site and follow instructions.

Credit scores

Many sites offer free credit scores, but again, there is generally a catch. CreditKarma will provide the service with no charge or disclosure of private information. CreditKarma gets its scores from TransUnion. The service requires only the user’s full name, address and the last four Social Security digits.

Kenneth Lin, CreditKarma’s founder and CEO, said:

“We’re not going to sell your data. We’re not going to spam you. And we’re not going to charge you. We don’t even ask for a credit card number. It’s completely free.”

The site, however, will match the customer’s profile with marketing advertisers. Users of the service do have to put up with email ads. If the user opts out of emails, they will be presented in the form of display ads. But the company will not sell the user’s financial information or share it with any of the advertisers.

CreditSesame provides free scores from Experian. Using both services gets free scores from two of the three reporting agencies. Unlike CreditKarma, however, CreditSesame requires a consumer’s Social Security number.

Credit monitoring

Many consumers pay good money to have their credit file monitored for changes. Earlier this month, CreditKarma became the first company to offer the service free of charge. The CreditKarma service will check only with TransUnion, however.

[Low credit score? Try a no credit check payday loan]

The service is not as comprehensive as one that checks all three reporting bureaus daily, but it provides some level of protection for no financial outlay. As with credit score reporting, the service requires only a name, address and last four Social Security digits.

Sources

MSNBC
CreditKarma
CreditSesame