When "Free" Credit Scores Aren't Really Free

Understand what you're getting with "free credit reports."

There are a lot of credit monitoring services out there that deliver an excellent product allowing people to keep up with changes in all three credit reports.  The problem with many of these services is that they are not entirely up-front in marketing themselves.  A lot of people sign up for a free credit report without realizing that what they are actually signing up for is a free trial of a service that monitors changes continuously.  They sign up for the free report without reading the fine print and realizing that what they are signing up for is a service that will put a $10 per month ding on their credit card.

A lot of us don't go over our credit card statements with a fine-tooth comb and would not realize that these charges were being incurred, especially if we used a "throwaway" e-mail account to get the initial report. 

Using a credit monitoring service is a good idea for a lot of people.  In fact, many financial experts recommend it, especially in cases where there is reason to believe that one's identity has been compromised.  These are valuable services.  The free credit report they offer as a trial is also highly convenient.  Just make sure that you understand that it is a trial of an ongoing service.  If you do not like the service, make sure to cancel it.

Chances are that you will like the service, though.  Knowing where you stand provides peace of mind, and that is worth a few dollars a month.