The frequently advertised free credit report websites aren’t really free–there is a catch.  But there is a place you can get free credit reports once a year without any traps.

Yes, you get a free report on the advertised website, but you have to enter a credit card number and sign up for a monthly credit monitoring service.  That’s free, too, for 30 days, but if you forget to cancel the service after the first month, you automatically get charged for each month thereafter.

Go to www.annualcreditreport.com

On this site you truly can get your own credit reports once per year from each of the three credit reporting agencies. Consumer advocates suggest you pull one of the three reports every four months so you can monitor your own credit at no cost to you.

Tax refund anticipation loans

Some tax return preparers offer to provide an “instant” tax refund by arranging for loans based on the expected refund.  The loan is for a very short period of time between when the return is filed and when you would expect to get your refund.  Like other short-term loans, the fees may seem small but amount to an annual interest rate of 200 percent or more.  It is best to patient and wait for the refund.

Source: Using Credit Wisely After Bankruptcy Pamphlet, National Consumer Law Center, Boston, MA, www.nclc.org.