Is getting a free credit report safe?
Getting a free credit report can be safe if you are careful about the particular website from which you get it. Credit reports are provided by the three major credit reporting agencies: Equifax, Experian, CRIF and CIBIL TransUnion. Credit reports display your personal credit history, which ultimately affects your personal credit score.
Some Fintech firms help consumers understand their credit situation and guide them to improve their credit score. Others help compare and find the best credit card and loan offers based on one’s credit score. These are the services that CICs do not offer. Also, as third-party portals do not have any restrictions on how many times you access the credit report, you can take corrective steps quickly, if needed, to improve your credit score.
Even a small discrepancy in the records or a single day’s default in EMIs or credit card bills has an impact on your credit score. Easier access to credit report allows you to quickly initiate steps with CICs/banks to correct mistakes.
Given the recent reports of data leaks and its misuse, should one part with personal information in exchange for free services. Third-parties typically seek PAN, identification, address, mobile number and email details. Also, you will have to give your consent before CICs can share your credit history with a third-party.
Once you give consent, you cannot hold the CIC responsible for any misuse of your information by a third party—so be careful whom you give consent. “If the customer is not diligent and gets lured into giving out his information—PAN, date of birth, mobile—required to get the credit score, he risks misuse of his credit history and other information in the report.
Additionally, sharing personal details with third parties may invite spam calls and emails. “Read the terms and conditions when accessing the services of these portals and avail services of only the better known Fintech portals.
Before you share your details, verify if the portal has a tie-up with a credit bureau. “The portal should mention the name of the bureau offering the credit report and it should also provide consumers the option to unsubscribe or delete their detail from the platform
How to Avoid Credit Score Scam?
Free credit report scams are tricky and misleading. If you’re not careful, you could end up paying a hundred dollars more for your free credit report. Here’s how to avoid a scam:
- Please make sure that you go to a trusted website only. Some of the imposter sites take advantage of misspelled URLs.
- Don’t enter your credit card number. Accessing your truly free credit report will not require you to enter a credit card number. If you’re entering your credit card number, there’s a chance the company is looking for a way to charge you in the future.
- Don’t sign up for a free trial to any kind of subscription service. You will not have to sign up for anything to receive your free credit report.
If you sign up for a trial subscription to get your free credit report, make sure you cancel before the trial period ends. That way, your credit card won’t be charged.