You are now 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 order my free report?
The three nationwide consumer reporting companies have set up one central website, toll-free telephone number (877-322-8228), and mailing address through which you can order your free annual report. To order, click on
www.annualcreditreport.com
Do not contact the three nationwide consumer reporting companies individually. They are only providing free annual credit reports through the
www.annualcreditreport.com website.
You may order your reports from each of the three
nationwide consumer reporting companies at the same time, or you can order from
only one or two. The law allows you to order one free copy from each of the
nationwide consumer reporting companies every 12 months.
Q: What information do I have to provide to get my
free report?
A: You need to provide
your name, address, Social Security number, and date of birth. If you have
moved in the last two years, you may have to provide your previous address. To
maintain the security of your file, each nationwide consumer reporting company
may ask you for some information that only you would know, like the amount of
your monthly mortgage payment. Each company may ask you for different
information because the information each has in your file may come from
different sources. www.annualcreditreport.com
is the only authorized source for your free annual credit report from the three
nationwide consumer reporting companies.
