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Free Credit Reports Now Available From the FTC
The Federal Trade Commission (FTC) has set up a new website
(www.AnnualCreditReport.com) where US residents can obtain free
copies of their credit reports from the three major credit report
bureaus (Equifax, TransUnion and Experian). The FTC site was set
up as part of the Fair and Accurate Credit Transactions Act
enacted last December. The site was set up in an effort to help
fight the increasing threat of identity theft. The credit reports
must be ordered from the FTC site to get them for free. If you
order your credit report directly from one of the credit report
agencies' sites, you'll be charged a fee for the report.
While a number of websites on the Internet currently offer
free credit reports, these free reports require a credit card be
put on file as a free trial membership of their credit report
monitoring service. The reports have been free if you remember to
cancel the trial membership, but can end up being quite costly if
you accidentally forget. The new FTC site is marketing free and
no credit card is required.
To request your credit reports, you'll need to provide your
name, address, Social Security number and date of birth. In
addition, the credit bureaus may ask you for other information to
confirm your identity such as your current monthly mortgage
payment. Consumers can also order their free credit reports by
calling 877-322-8228 (toll-free) or by mail by writing to: Annual
Credit Report Request Service, P.O. Box 105281, Atlanta, GA
30348-5281
The free credit reports aren't currently available to all US
residents. They're being phased in over the next year by region
to prevent the system from being overwhelmed. Currently residents
living in Alaska, Arizona, California, Colorado, Hawaii, Idaho,
Montana, New Mexico, Nevada, Oregon, Utah, Washington, and
Wyoming can obtain the free credit reports. Residents in the
Midwest can get their free credit reports beginning in March,
residents in the South beginning in June and residents in the
East beginning in September.
Instead of ordering credit reports from all three credit
report agencies at once, you might want to consider staggering
the three reports so that you receive one credit report every 4
months. This allows you to see how your credit report is changing
over time and whether any mistakes you find have been corrected.
It will also increases the chances that you will catch any
attempts at identity theft more quickly. If, however, you're
considering a large purchase such as a home or car where your
credit score will be used to determine your eligibility, you'll
want to get all three right away. This will allow you to take
care of any potential problems as soon as possible.
Once you've received your reports, review each one carefully.
The three credit reporting agencies handle millions of pieces of
information each year and some estimates have errors in as many
as half of the credit reports with a major error in ever one in
four. By making sure that all the information contained in the
reports is accurate, you will ensure that you receive the best
rates from credit agencies in the future.
Now that credit reports are free of charge, there is no reason
not to request them each and every year. Keeping tabs on your
credit report is one of the most effective ways to protect
yourself against identity theft and make sure that all the
information that your creditors are accessing is accurate.
Jeffrey Strain is owner of http://www.savingadvice.com --
a website dedicated to saving you money through quality tips and
articles.
MORE RESOURCES:
Credit - Google News
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