Unfortunately, FreeCreditReport.com turns out to be not so free. The Federal Trade Commission has accused the company that owns FreeCreditReport.com of deliberately steering users away from a site where consumers can get a free credit report by law, to a service that charges you $14.95 each and every month to alert you to changes in your credit status.

The website is part of the rapidly growing credit monitoring services industry which is now approaching $1 billion in sales. Millions of consumers have signed up for these services, but critics say many had no idea what they were actually signing up for.

While these monitoring services provide you with real time updates on changes to your credit file, experts say the vast majority of consumers do not need this service. For most people, paying attention to the bills you pay and checking your credit report a few times a year is adequate. By law, each of the three major major credit bureaus – Experian, which owns freecreditreport.com, Equifax and TransUnion – are required to provide you with one free credit report per year.

Experian and other companies that provide credit monitoring services are profiting handsomely, but think about whether you really need daily updates about your credit file before signing up for one of these services. A trip to freecreditreport.com might not be so free after all.