Monitoring Credit Can Be Affordable

(MarketWatch)  If you are worried about safeguarding your credit you may be tempted to sign up for the credit-monitoring services sold by financial companies. But there are more affordable ways to track your credit rating, according to Consumer Reports.

Here are three low-cost credit-tracking tips:

Consumers are entitled to three free credit reports a year.
The Fair and Accurate Credit Transaction Act of 2003 stipulates that everyone is entitled to one free report a year from each of the three major credit reporting bureaus: Equifax, Experian and TransUnion. Staggering your requests throughout the year will keep you abreast of changes in your credit report.

There are affordable ways of getting your credit score.
Some Web sites charge as much as $75 for a credit score, says Consumer Reports, but getting your FICO score doesn't have to cost a mint. You can obtain your credit score for as little as $8 at Annual Credit Report.com.

If in doubt, consider a security freeze.
Thirty-seven states now allow consumers to place a security freeze on their credit reports. Once you do that you can sign up for a new credit card only by inputting a PIN. This bars thieves from using your information to apply for new accounts. The fees range from $3 to $20 depending on the state you live in. For more information, go to Consumer's Union.org.
By Marshall Loeb