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Getting a copy of your free credit report will soon be a lot easier -- and cheaper -- thanks to the Fair and Accurate Credit Transactions Act (FACT Act), a revision of the Fair Credit Reporting Act. It's only fair that you should be able to see--and make corrections--to your personal information. Free Credit Report is a major step forward in ensuring consumers' knowledge and control over their financial information. Passed in late 2003, the new law creates a central source consumers can use to obtain a free credit report and fix errors when they crop up. The service will roll out gradually nationwide, starting on the West Coast on Dec. 1, and finishing up with the Northeast in September 1, 2005 Eventually, consumers will be able to visit one Web site or call one central phone number to get a free credit report once a year from the three main credit-reporting agencies. Repairing mistakes and guarding against the growing scourge of identity theft will become a lot easier. In a June study, U.S. PIRG, the national lobbying group for state Public Interest Research Groups, found that one in four free credit reports contain errors serious enough to result in credit denial. Located at annualcreditreport.com, this new central site allows consumers to request a free credit file disclosure, commonly called a free credit report, once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion. Annualcreditreport.com is a legit freebie, not one of those sleight-of-hand freebies that ropes you into some sort of for-pay subscription service where the opt-out feature is buried in a tangled web of point-and-click deceit. Not that that's ever happened to any of us or anything. Annualcreditreport.com: will not send out emails to you. You will not receive any phone calls, snail mail, instant messages, or fruit baskets from the official FACTA-designated entity. Carefully question any emails or other contact you get from any organization claiming to be a part of the new nationwide program. You can also request your report by phone or mail. Monitoring and periodically reviewing your free credit report is an effective tool in fighting identity theft. Victims of ID theft are eligible to two free credit reports in the year the fraud occurs. Eligibility for an annual free credit report is determined by your state of residence based on the rollout schedule set by federal law. Look on the site to see when a free credit report becomes available in your state through this website. Consumers are entitled to receive one free credit report disclosure every 12 months from each of the nationwide consumer credit reporting companies through the Central Source. It is entirely the consumer's choice whether to order all three free credit report disclosures at the same time or order one now and others later. The advantage of ordering all three at the same time is that you can compare them. (However, you will not be eligible for another free credit report disclosure from the Central Source for 12 months.) On the other hand, the advantage of ordering one now and others later (for example, one credit file disclosure every four months) is that you can keep track of any changes or new information that may appear on your free credit report disclosure. Remember, you are entitled to receive one free credit report disclosure through the Central Source every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion - so if you order from only one company today you can still order from the other two companies at a later date. To assure that your free credit report is disclosed only to you, the nationwide consumer credit reporting companies will authenticate your identity utilizing the personal identification information you provide on this site, including, but not limited to, your Social Security number, and then require that you answer certain questions. For your protection, if your identity cannot be authenticated for online delivery of your free credit report, you will receive further instructions on how to request your report for delivery by the U.S. Postal Service. Failure to authenticate for online delivery of your annual free credit report disclosure is not an indicator of fraudulent activity or identity theft. |
