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CREDIT
CARD NEWS YOU CAN USE™
Updated daily by Frankford Financial ©2008 All Rights Retained. Unauthorized
duplication strictly prohibited.
Access to free credit reports. Yes, Free. No Bull...Totally FREE !
Soon you'll be able to get your credit report for free. A recent
amendment to the federal Fair Credit Reporting Act (FCRA) requires
each of the nationwide consumer reporting companies to provide you
with a free copy of your credit report, at your request, once every
12 months. The FCRA promotes the accuracy and privacy of information
in the files of the nation's consumer reporting companies. The Federal
Trade Commission (FTC), the nation's consumer protection agency,
enforces the FCRA with respect to consumer reporting companies.
A credit report contains information on where you live, how you pay your bills, and whether you've been sued, arrested, or filed for bankruptcy. Nationwide consumer reporting companies sell the information in your report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home. There are three nationwide consumer reporting companies-Equifax, Experian, and Trans Union.
Consumers in Western states will first be able to order their credit reports under the federal law beginning December 1, 2004. Consumers in other states will be able to order their copies according to a regional roll-out detailed below.
In recent months, consumers have asked the FTC for more details about their rights under the federal FCRA and the Fair and Accurate Credit Transactions (FACT) Act, which established the free credit report program. They've also asked about credit reports in general. Here are the most frequently asked questions and the answers.
Q: How do I know when I'm eligible to get a free report?
A: Free reports will be phased in during a nine-month period, rolling from the West Coast to the East beginning December 1, 2004. Beginning September 1, 2005, free reports will be accessible to all Americans, regardless of where they live.
Consumers in the Western states-Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, and Wyoming-can order their free reports beginning December 1, 2004.
Consumers in the Midwestern states-Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, and Wisconsin-can order their free reports beginning March 1, 2005.
Consumers in the Southern states-Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, Oklahoma, South Carolina, Tennessee, and Texas-can order their free reports beginning June 1, 2005.
Consumers in the Eastern states-Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, Vermont, Virginia, and West Virginia-the District of Columbia, Puerto Rico, and all U.S. territories can order their free reports beginning September 1, 2005.
Q: How do I order my free report? This story continues on our Free Credit Reports Section > |
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