Free Credit Reports... A Good Idea that Can be Made Better?

I like the fact that all US citizens are entitled to a free credit report from each of the "big three" credit report companies (Equifax, Experian, and TransUnion), since it allows for individuals to better monitor their credit reports for errors or areas that need improving. Having to pay for a report that you never even asked for is rather bizarre to me in the first place, but getting a free credit report is most certainly a wise way to provide more transparency in this otherwise secretive industry.

One suggestion I have to take the free credit report process to the next level would be to automatically send a free credit report each year to all consumers. This would save time for everybody, but would also provide a reminder to each credit report recipient that their credit report and credit score are vital pieces of information in this day and age. And perhaps it would wake some people up to remind them that they really need to get in gear and fix up their reports and scores, otherwise they will be taken to the cleaners any time they ask for a loan, mortgage, etc. Perhaps if people took initiative to improve their credit scores, the economy wouldn't be in the gutter like it is now since people would be more aware of what's going on and would be more mindful of their expenses. Just a thought.

Yes I realize there are challenges to automatically sending everybody a credit report, but for those people who forget or are too lazy to request one or don't have readily available internet access, I would think there might be some way this can be arranged.

Ultimately, my feeling is that the more people that get on board with reviewing their credit reports, the better.

Now I'm off to go check mine out... wish me luck!