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New Law Provides Free Annual Credit Report
As of Thursday, December 1, 2004, one-third of Americans will
be able to access their credit reports from all three main
agencies for free. Passed in late 2003, the Fair & Accurate
Credit Transactions Act creates a central source consumers can
use to obtain a free annual credit report.
Equifax, Experian, and Transunion,the three largest credit
reporting agencies, have set up a special site where consumers
can request, view, and print their free report. That site is
http://www.annualcreditreport.com and is the only
authorized site to request your free report(s).
Those without internet access can call toll-free at
877-322-8228 or write to Annual Credit Report Request Service,
P.O. Box 105281, Atlanta, GA 30348-5281 to request their
report(s). This service, which begins in the west coast, will
eventually cover all the states by September 2005.
Although you'll be able to see where you stand with your
creditors, you won't get any type of a credit score, such as a
FICO score. Your credit score is the actual number ranging from
300 to 850 that lenders use to judge your creditworthiness and
the interest rate they'll charge you. The Federal Trade
Commission is still considering what fee would be reasonable for
the bureaus to charge consumers to get their credit score.
Additional provisions of the FACT Act include: creating
uniform credit standards, requiring retailers to hide all but the
last five digits of your account number on receipts, and new "opt
out" rights for consumers.
Also, banks will have to tell you if they are giving you
credit at less favorable terms based on your credit score and
alert you if they report any negative information about you to
the credit bureaus.
Checking your credit report annually is a habit that you
should exercise regularly, especially with the increase in
identity theft. Unfortunately, if you reside in New Jersey, New
York, Maine or any of the other Eastern states you'll have to
wait until September 1st of 2005 before you can check your report
for free.
About The Author
© 2004, http://www.yourfreecreditreportnow.com
James H. Dimmitt is editor of "To Your Credit" a FREE weekly
newsletter focusing on money management news and tips. You can
subscribe to his newsletter and also get a FREE copy of your
credit report when you visit: http://www.yourfreecreditreportnow.com.
MORE RESOURCES:
Credit - Google News
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