image courtesy of flickr user AMagill

Myth #1: Credit reports are costly

Myth #2: Accessing my credit report will adversely affect my score

Myth #3: There's no need to keep track of my credit report

The above are a few of the myths Erica Bess and I (Kyle Jones) debunked during our Finance Fridays session on Free Credit Reports.  We had a wonderful time speaking with those who attended on the free and for-pay resources available to you to help with keeping tabs on credit history.  If we missed you today, Finance Fridays will continue every friday until March 26th.

The answers to those myths.....

#1: Three credit reports are free to you per year guaranteed by law from these major companies: Equifax, Experian and TransUnion.  You can get access to your report at www.annualcreditreport.com - the only government approved site for access to your credit report.

#2: Simply getting access to your credit report does not at all affect your score.

#3: The credit reports are provided to you at no cost because the government believes that maintaining a stable and healthy financial history is important.  You may find inconsistencies or inaccuracies within your reports that need attention to help you maintain a solid credit score.

 You can find further information on credit at these online resources:

• Federal Trade Commission
• Feed the Pig
• What's my Score?
• Practical Money Skills for Life
• FICO's Financial Help Center

 We also have some great print resources in the library:

• Search our catalog using a subject search with one of these terms: 

• personal finance
• financial security
• consumer debt

• Consumer Reports Money Advisor (in the magazine room)
• Kiplinger's Personal Finance  (in the magazine room)

 See you next friday!
~Kyle and Erica~