Free Credit Report
Now you are entitled to receive a copy of your credit report
for free once a year.
Beginning in December 2004, a new federal law requires credit
reporting agencies — Equifax, Experian and TransUnion
— to provide consumers a free credit report every year
upon request. But to spare the bureaus from getting inundated,
the FTC wants to phase in requests by region over nine months.
The availability will roll out eastward, with the last of
the eastern states becoming eligible on Sept. 1, 2005.
The program has been rolled out gradually nationwide this
year. Residents of Western and Midwestern states already can
request their histories. Everyone in the nation will be able
to access their credit reports for free by September, when
residents of northeastern states will be added.
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Every American will soon be able to get a free credit
report every year -- no strings attached. This may come
as a welcome relief to the millions of Americans who
have had to pay to review their credit reports in the
past. The free credit reports will come as a result
of the FTC's final ruling under the Fair and Accurate
Credit Transactions Act.
Under the Fair and Accurate Credit Transactions Act
of 2003, the three companies — Equifax, Experian
and TransUnion — must provide an annual copy of
their credit reports on each consumer upon request.
Congress wants to increase the financial literacy of
people. With easy and free access to their credit reports
consumers can make sure their information is correct.
That’s an important part of protecting against
identity theft.
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What to do with your free credit report?
Credit reports are more valuable if they're correct and the
best way to assure accuracy is to have people check their
own histories. The sooner you look at the report,
the more time you have to improve your credit information.
- Spot identity theft
- Clarify any errors
Truth about Free Credit Reports
- AnnualCreditReport.com is the only authorized Web site
where you can get the free credit reports. You are likely
to get spam directing you to other Web sites; don't be ensnared.
- The law does not entitle you to a free copy of your credit
score. However, you can purchase a copy of your credit score
at the same time for $5.95.
- You can buy a copy of all three of your FICO credit reports
and scores at Fair Isaac's Web site, www.myfico.com.
- You may want to get credit monitoring service if you are
worried about identity theft or in the process of improving
credit.
You can request all three free files at one time or spread
your free reports out throughout the year. If you're just
starting your business or if you're seeking a major loan soon,
it's probably a good idea to get all three to check for inaccuracies.
How to get a free credit report?
What to do with your free credit report?
- Find errors and correct them
- Detect identity signs
What to look for in your free credit report?
All
About Free Credit Reports |
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How
to detect and fix errors
If you don't check your credit report regularly, you
may not find out until months or years after your identitity
is stolen. |
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Why
should I check credit report regularly?
To guard against fraud and keep your credit healthy,
Credit Monitoring service will be able to quickly alert
you to any changes in your credit report. You will get
updates of recent activity and a copy of your entire
credit report when you sign up. |
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Identity
theft and how to avoid it
Credit monitoring services could be worth the cost
for people who have been victims of ID theft or for
those who are at higher risk. In this digital age with
continuous data theft incidents, more people are vulnerable.
Considering high cost of restoring a stolen identity,
credit monitoring services can save you hundreds of
hours and dollars. |
Despite the fact that many lenders may rely heavily or even
exclusively on a credit score to make a credit decision, the
credit scores are not availbale for free of charge.
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