Free credit report dot com is not really a free credit report.

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So, I admit, there are a lot of people out there who are smarter than I am.  There are also lots of people who have figured out ways to make a lot more money than I make.  But the idea of a (not-really-free) free credit report is insanely genius . . . or maybe idiotically mischievious.

Did you know that a free credit report from freecreditreport.com is not really free!?  The receipt of the “free” credit report enrolls you in a free 30-day trial of their credit monitoring service which will cost you $12.95 per month unless you cancel.  So, the report really costs you $155.40 per year.  But, to their credit, assuming you could re-pull your credit multiple times, the cost per report would go down.  But because most creditors update credit information once a month, it would only make sense to pull your credit report every 30 days or so, so each report would end up costing you $12.95 — the monthly fee.  BUT, if you pulled your credit every single day of the year (kind of like eating WAY too much at an all-you-can-eat buffet to get your money’s worth), the cost would go down to $0.42 per report.  I suppose 42centcreditreport.com wasn’t such a catchy name.

So here is what I am thinking I should do . . .

hillsidelendingfreemortgageloan.com — When you obtain a mortgage loan with hillsidelendingfreemortgageloan.com, you will begin your payment-free trial membership in our Deed to Secure Debt 360 PlanSM. If you don’t cancel your membership (and by cancel your membership, we mean, payoff the loan for the money that you borrowed, like $250,000 for example) within the 30-day intro period, you will be billed $1,215.00 (based on $250,000) for each month that you continue your membership.  You will continue to be billed this amount (plus a monthly amount for taxes and insurance) for the duration of the Deed to Secure Debt 360 PlanSM.  This program will automatically terminate at the end of 360 months (or 30 years). 

Now, before you rush off to register hillsidelendingfreemortgageloan.com in the hopes of beating me to it and then selling it back to me for thousands of dollars, let me tell you this . . .

pic_jack.jpg

 “Go sell crazy somewhere else.  We’re all stocked up here.”

For a free credit report that is actually a free credit report, visit www.annualcreditreport.com where you can obtain a your report once every 12 months . . . for free . . . no credit card required. 

Jeffrey Pinkerton is a Mortgage Consultant and President of Hillside Lending, LLC and writer for “the Mortgage Blog.”  Hillside Lending seeks to provide mortgage brokerage services with the highest standards of service, care, honesty, integrity and value; concentrating on owner-occupied, residential financing.  For more information about available programs and interest rates, please visit www.hillsidelending.com.  

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