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Free credit reports are here finally. Truly
free
We've been waiting for what seems like 5 lifetimes to be able and
get our credit reports for free. Truly free. Before this change,
you either had to b e denied credit, be disabled or ask for one
per year per bureau. Now consumers in every state can go
to one source and order all three for free! Thats no charge!
Starting September 1, consumers in 14 East Coast states join the
rest of the country in qualifying for a free annual credit report
from each of the three nationwide consumer reporting companies
Equifax, Experian, and TransUnion. The free reports were mandated
by Congress in The Fair and Accurate Credit
Transactions Act of 2003 (FACTA), which requires the nationwide
credit bureaus to provide consumers with a free copy of their credit
report, at their request, once every 12 months. Consumers who want
to access their credit report online can go to annualcreditreport.com.
The right to receive a free credit report
is an important new tool for consumers, said Deborah Platt
Majoras, Chairman of the Federal Trade Commission. Not only
does checking the credit report give consumers a valuable snapshot
of their credit histories, it permits them to detect and correct
errors, and spot and stop identity
theft.
Credit
reports contain consumers identification and financial
information, including payment history with different creditors,
inquiries made by various financial institutions,
and information on the public record, such as foreclosures or bankruptcies.
Consumer reporting companies collect and sell this information to
lenders and other businesses that have a permissible purpose to
obtain it.
Access to the free credit reports was phased in
across the country in four installments from west to east starting
last December. September 1 marks the final phase of the roll-out.
Consumers in Connecticut, Delaware, Maine, Maryland, Massachusetts,
New Hampshire, New Jersey, New York, North Carolina, Pennsylvania,
Rhode Island, Vermont, Virginia, West Virginia, the District of
Columbia, Puerto Rico, and all U.S. territories are now eligible
to receive their reports.
Consumers who visit annualcreditreport.com to
get their free report online should close their Internet browser
after obtaining their report to be sure their transaction is secure
and their personal information is not at risk. Consumers also may
order their free annual credit report by calling toll-free, 1-877-322-8228,
or by mailing a completed Annual Credit Report Request Form to:
Annual Credit Report Request Service, P.O. Box
105281, Atlanta, GA 30348-5281. The form can be downloaded from
annualcreditreport.com or from the FTCs Web site. It also
can be requested by calling the FTCs Consumer Response Center
at 1-877-FTC-HELP.
Consumers may choose to order free reports from
all three nationwide consumer reporting companies at the same time,
or stagger their requests over the course of the year. Consumers
are eligible to order a free credit report any time they
are not required to submit their request within a certain period
of time.
This information is from the consumer site for
the FTC and is
not intended to replace any legal advice. It is for educational
purposes only.
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