The New York Times just put up a great story on the whole “free credit report” phenomena. I’ve emphasized the importance of obtaining your credit reports from the official government website before, but this story is an important reminder that:
A. Yes, you should monitor your info as you are now entitled to
But
B. You need not pay for that info, nor obsess over your score on a monthly basis.
I do personally receive monthly updates on my FICO score, but that’s provided as a free service from my credit union. If you have access to a similar service, by all means take advantage. But for most people, it isn’t worth paying for.
Nilus
P.S. And if you missed my criticism of the FICO system, see this Money & Markets column.
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{ 4 comments… read them below or add one }
Would love to hear your perspective on the Federal Reserve Bank, and its credit card?
Referencing: ” I Blame Everyone for the Credit Card Fiasco ”
Because, I blame,.. The Fed…!
Yours in Justice
Guy C. Stevenson
Own the Fed. - Rally
April 15, 2010
Washington D.C.
Nilus Mattive Reply:
November 18th, 2009 at 11:20 AM
In a few words … our country’s “leaders” are the biggest “spend what we don’t have” examples to be found anywhere on the planet. =^)
Hi Nilus. Me again. I recently got a solicitation from my BANK offering a PAID service to provide my credit reports, structured in such a way that anyone who didn’t know better would think it was the only way to get them. To my eye, it was an outright misrepresentation of the truth. I thought it was outrageous and told them so. Bank’s should be above such underhanded tactics. I would have thought their regulations would prevent such sleezy marketing practices. Thank for letting me vent.
Nilus Mattive Reply:
November 18th, 2009 at 11:21 AM
You certainly have to watch your back, don’t you? I’m waiting for the day when my credit union’s free service becomes a paid product. We shall see …