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New law allows any individual to obtain an annual copy of their credit report!
The Fair Credit Reporting Act was amended in December 2003 and became the Fair and Accurate Credit Transactions Act (FACTA). With this change in law one of its many requirements was to make credit reports available free to the public. Unless you were denied for credit, unemployed or lived in certain states, you may have had to pay a nominal fee (around $9.00) for a copy of your credit report.
Beginning December 1st, (for those of us in the Western States), you will be able to obtain a free copy of your credit report from each of the three bureaus once every 12 months. There are no catches (such as purchasing credit watch). This is now a requirement by law.
Below are links regarding what states are currently eligible to obtain their free credit report and some frequently asked questions on how to obtain your free report. Keep in mind that you must call the phone number specified, go to the special website or send in your request to a specified address in order to obtain a free copy.
News release information on free credit reports:
http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre34.shtm
NOTE: For security purposes, the website www.AnnualCreditReport.com (to get the free copy of your credit report) can only be accessed by typing the web address into your browser, 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.
AnnualCreditReport.com is the only web source authorized by all three nationwide consumer credit reporting companies from which free annual credit file disclosures can be requested.
The FTC website has some great information on the importance of credit:
http://www.ftc.gov/bcp/menus/consumer/credit.shtm
Why is this so important? You should check your credit report once a year to ensure that your report is accurate. This also helps to combat against identity theft. If someone is opening credit accounts under your name and social security number, you will be able to spot these items on your credit report. Feel free to pass this information on to other members, family and friends.
