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Get A Free Credit Report Every Year |
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Do you know that your free credit report is similar to a medical health chart, albeit financially. But most of the Americans aren't getting their financial checkups done as regularly as they ought to. But very soon it will be possible for every American to get a free credit report every year, and that too completely free of cost. This is good news for the millions of Americans who, till now, have to shell out money to get a copy of their credit reports. The free credit reports are now available due to the FTC's ruling under the Fair and Accurate Credit Transactions Act. Per the ruling, all the three major credit reporting bureaus, namely Equifax, TransUnion, and Experian, have to provide consumers with a free credit report if they request one. This does not mean that you can get a free credit report as many times as you want. You are entitled to one free credit report every 12 months, and the credit bureaus have been directed to provide it from a centralized source. This centralized source involves a postal address, a toll-free telephone number, and a website. This ruling is being implemented region-by-region. Initially, the ruling of one free credit report on request was implemented in thirteen western states. Gradually, over a time period of nine months, the ruling will be implemented eastward, with the entire country being eligible on September 1, 2005. The ruling directs the credit bureaus to provide the free credit report only when consumers place a request for it. So don't expect them to send you a free credit report on their own. You can request your free credit report in three ways. Visit www.annualcreditreport.com: the only authoritative web source for consumers to get their free credit report online. The toll-free telephone number to request for free credit report is 877-322-8228. You can also ask for your free credit report by completing the form on the back of the Annual Credit Report Request brochure, and mailing it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA, 30348-5281. There is one more point that to remember. You are eligible to request for all the three credit reports at the same time, or at separate times over the year. But you can only do so from the above-mentioned centralized agency. If you directly approach the credit reporting agencies, you won't get a free credit report. Instead, you will have to pay for your credit report. This ruling, however, doesn't replace the existing means to get a free credit report. Per the existing norms, if you are denied a loan, insurance, or a job based on your credit report, then that organization has to tell you the name of the credit bureau from where they got your credit report. You are then eligible to approach that credit bureau for a free credit report, but it should be within 60 days of the denial. To get a free credit report, you just need to call or mail the concerned bureau and mention the name of the organization that denied your loan, or whatever, due to your credit report. The bureau will then check its records to confirm if it had provided your credit report to the said company. As the bureaus are not informed of any denials, they have to believe your word for it. Also, if you are on welfare, out of job and plan to take up another job, or your credit report is damaged due to a fraud or identity theft, you are eligible to request for a free credit report directly from the credit bureau. It is important what your credit report says because it is your credit report that determines your capacity to avail loans and how much you are charged for your loans, life insurance, and other amenities. Availing your free credit report from time to time will ensure that your financial health remains sound and errors don't creep in. |
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