Driving through Fresno last weekend, I spotted an actual "credit report" store in a little strip mall. Is this a new trend? The store had a big banner advertising "Get your credit report here!" out front. I didn’t have time to stop and investigate. If you have more information about these stores, share it in the comments section below.
If you do decide to purchase your credit report in an actual store, here are a few things you should think about first:
- Are they buying consumer or commercial reports? Is the store set up like a car dealer or other retailer? If so, the credit reports they are ordering may be causing a damaging hard inquiry to appear on your credit report.
- What are they charging? Under FACTA law, you are allowed one free credit report from each credit bureau every 12 months. Internet access isn’t required to order these reports, you can also submit a request by phone or mail. Other credit report and credit score products cost from $9.00 to $50 depending on what information is included. Beware of expensive markups on repackaged free credit reports or other services.
- How are they storing your data? You’ll need to provide your Social Security number, address, financial account numbers and other sensitive data when ordering. Are these records stored on an unlocked computer? Could an identity thief easily access your files?
- What else are they trying to sell you? The credit report products could just be a lure for a larger sell. Watch out for predatory lenders, credit repair organizations or other scam artists who could use your credit information.
A store that helps people order their credit reports sounds like a good idea on paper. It can be difficult for consumers without internet access or a good understanding of the credit system to check their credit. However, there are quite a few potential dangers and pitfalls to watch out for with these types of companies.
Have you seen a credit report store in your area? Have you purchased a report from such a store? Share your feedback and tips in the comments section below.
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