Business Services Industry
Experian Stops Free Credit Reports Because of Expenses and Abuses.(Originated from The Orange County Register, Calif.)
Knight Ridder/Tribune Business News, January, 1997 by Campbell, Ronald
ORANGE, Calif.--Jan. 21--You can't get credit for nothing anymore.
Experian, one of the nation's three dominant credit-reporting agencies, said it will stop offering free annual credit reports to consumers. Beginning March 1, individuals will have to pay $8 to inspect the files that influence everything from their credit cards to their mortgages.
Experian, formerly the credit-reporting service of TRW Inc., has produced 5 million free reports since it started offering the once-a-year freebie in April 1992.
Neither of its major competitors, Equifax and TransUnion, ever followed suit.
Experian Chief Executive Officer D. Van Skilling said the cost increasingly "has become a significant competitive disadvantage."
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