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There is one main advantage of seeking a free credit report. This would be to spot cases of identity theft early. An additional benefit would be to spot errors right away and to have them fixed.

Countless stories have probably been told by now telling the advantages of a free credit report. However, this one seems to stand out the most:

It is the one about Sylvia Gallow-Vazquez that has circulated the web the past few years. It tells how she applied for a Discover card and then was turned down. She wondered through all of this how such a thing could be possible, because her credit rating was considered to be “impeccable.”

Now, learning of all kinds of unauthorized transactions and identity theft is never fun. This could appear on your credit report all too often. This is what happened to Gallow-Vazquez.

She obtained copies of her credit report after being denied a Discover Card. This is when she first learned she was defrauded.

It was no fun to find out that that her name was used against her for utility services as well as for car and home loan applications. It was also no fun for her to find out she had a two years worth of additional unauthorized transactions such as Internet and phone services affecting her credit report.

However, it is probably safe to say that Sylvia Gallow-Vazquez was quite relieved to find this out when she did. If she had never gained access to her credit report she would have never known so she is glad she did.

Finding negative remarks on her bill was the first step towards change. The next step would be to place alerts on the files and the earlier identity theft is detected the better.

In the case of Sylvia Gallow-Vazquez and similar situations it can take quite awhile to have all these negative marks removed. However, it never is too late to fix your situation.

Fraud alerts and free credit reports are requested all the time. Consumers who are in search of them now may have questions about these services offered to people.

What is the purpose of a free credit report?

People request them for a number of reasons. One of the main ones is to make sure they have no unauthorized purchases on their account. Another would be simply to monitor payment histories and to analyze in order to create a debt repayment plan.

How do I get a free credit report?

It can be obtained online at websites such as Annual Credit Report.com. It can also be requested by phone or by mail.

How long does it take to get a copy of my credit report?

You can usually get it almost instantly online. If you request it by phone or mail it takes up to 14 days to receive it.

What is a fraud alert?

It is a notice that is placed on your credit report to alert those to whom you owe money. This lets them as well as credit bureaus know that there may be unauthorized charges or unauthorized usage of your account.

How to I place a fraud alert on my credit report?

You can call one of three credit agencies (Equifax, Experian, or TransUnion) by telephone. You can also go to the websites of each one of these major credit bureaus.

Should I get an initial fraud alert or an extended fraud alert?

It depends upon the seriousness of your situation. The initial fraud alert stays on your file for 90 days and the extended fraud alert stays on your file for seven years.

What are my rights as a consumer seeking a free credit report or a fraud alert?

You are entitled to a free copy of your credit report at least once every 12 months. Information is provided by Experian, TransUnion, and Equifax. More info about this can be found at Annual Credit Report.com, the FTC website, and within Fair Credit Reporting Act documentation.

This of course is only a very small list of the concerns associated with protecting your identity and analyzing your financial history. You can seek answers to further questions if you call the appropriate customer service hotlines.

Furthermore, more detailed instructions are provided by more than one public service or legal service entity. This is to ensure your rights as a consumer are protected in case you notice a problem.

The Federal Trade Commission (FTC) alerts consumers about access to free credit reports. This information pertains to the fact that according to the Fair Credit Reporting Act (FCRA) you are entitled to one free credit report every 12 months.

However, you should also know that you are actually entitled to one report from each of the three agencies, not just one report total every year. Therefore, you can receive a copy of your payment histories and other vital financial records as kept by Equifax, Experian, and TransUninon.

Additional FTC Guidelines

In addition to the above, you are also entitled to the following:

• Accuracy and privacy of the information kept about you
• The right to know if someone has stolen your identity
• Immediate access to your credit report if you file online
• To receive your requested report within 15 days if you want it mailed to you
• Right to a free report if you are unemployed and looking for work within 60 days
• Right to investigation in case of an error
• Opportunity to dispute your case when necessary
• The right to know if anyone has obtained an unauthorized copy of your financial records

FTC Function

The Federal Trade Commission works to prevent consumer fraud. They also fight against unfair and deceptive business practices, including false advertising. They also help consumers remain aware of problems and thus teach buyers and sellers to avoid being a victim of fraud.

The FTC also helps people file complaints in the event a company or individual has wronged them in some way. This organization deals with all types of consumer-related scams, including falsified records, fake credit report fraud, and credit card identity theft.

Consumers Beware!

The Internet has given rise to many fraudulent websites claiming to offer you a free credit report instantly. While some of these sites are very helpful, you need to watch out for any sign of a stolen identity.

WARNING: If you seek a credit report instantly online, make sure you know whom you are dealing with. This is especially important if you are signing up for a free trial of a credit monitoring service.

Remember, you should know what you are getting yourself into and who you are dealing with at all times. This is not to make you paranoid but rather to make you aware.

Use the Internet with caution when seeking a free copy of your financial history. Your financial future greatly depends upon taking proper precautions.