In 2003, Congress passed the Fair and Accurate Credit Transactions
Act. Under this new federal law, the three credit reporting
agencies (Equifax, TransUnion, Experian) are required to provide
a consumer with a free copy of his or her credit report once per
year, if requested.
By providing consumers with a free credit report once per year,
Congress hoped to address a variety of privacy and security concerns.
The free credit reports will help consumers maintain the accuracy
of their credit information. If a consumer sees a mistake on the
credit report, he or she can take steps to have the mistake corrected.
The free credit report will also help consumers spot identity theft.
For example, if a consumer’s credit report lists extra credit
cards, loans or other debts which the consumer does not recognize,
the consumer will know to follow up to determine if the unfamiliar
credit cards, loans or other debts indicate identity theft.
Equifax, TransUnion and Experian have gotten together to centralize
the process of requesting a free credit report. However, given the
millions and millions of Americans out there, the service is being
phased in over one year. As they say, “Lucky you live Hawaii!”
The Western States, including Hawaii are the first group of Americans
who can start using the service (starting December 1,2004). So Hawaii
residents can already get their free credit reports. Midwest States
start March 1, 2005, Southern States start June 1, 2005, and Eastern
States start September 1, 2005.
There are three methods for a person to get their free credit report:
- The first, easiest and fastest method is to go on-line to the
official web-site and print a copy of your credit report:
AnnualCreditReport.com
The web-site will only allow you to print your credit report,
so be sure your printer is working before you request your credit
report on-line. You cannot download or save your credit report
on your computer. The web-site also states that “For security
purposes, www.AnnualCreditReport.com
can be accessed by typing the web address “www.annualcreditreport.com”,
or from links from the Federal Trade Commission (www.ftc.gov),
Equifax (www.equifax.com),
Experian (www.experian.com)
and TransUnion (www.transunion.com)
websites.” You cannot access the web-site through a link
from other web-sites or an e-mail.
- The second method is to call 1-877-322-8228.
If you call, a paper copy of your credit report will be mailed
to you.
- The third method is to mail in a request using the “Annual
Credit Report Request Form ”. The form is available on the
official web-site, or by calling 1-877-322-8228.
If you mail in a request, a paper copy of your credit report will
be mailed to you.
In all cases, the credit reporting agencies need to verify that
you are who you say you are, so they will ask you for your social
security number and other personal information. The web-site contains
a frequently asked questions (FAQ)section which we strongly recommend
that you read first as it contains a great deal of useful information.
Note that you are actually requesting three credit reports, one
from each of the three credit reporting agencies. Also, a “credit
report ”is not the same as a “credit score ”.
The information on how to purchase a credit score is on the web-site.
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