Under the 2003 Fair and Accurate Credit
Transactions Act, every American has the right to a free copy
of this important consumer document every year from each of
the three major credit bureaus -- Equifax, Experian and TransUnion. The agencies have been phasing in the free reports
region by region, with the northeastern states finally getting
their turn Sept. 1, 2005.
Complete the
form on the back of the "Annual
Credit Report Request" brochure, available from the
FTC,
and mail it to: Annual Credit Report Request Service, P.O. Box
105281, Atlanta, GA 30348-5281.
You'll be able to order all three credit
reports at one time, or you may order at different times
throughout the year. It's your choice. Be sure to order from
the centralized agency. If you go directly to the credit
reporting agencies, you will be charged a fee unless you fit
another criteria for a free report. And beware of ordering
your free credit reports from fraudulent, deceptive and
misspelled domains that will charge for the very same service
you can get free.
The new ruling doesn't replace the other ways
to receive a free credit report. You're still entitled to a
free credit report if: you've been denied a loan, insurance
policy or job based on your credit report; you're applying for
unemployment or receive public assistance; or you currently
reside in a state that already offers one or more annual free
credit reports.
A credit report contains a consumer's history
of loan payments, including those for mortgages, credit cards
and auto loans. It is used by lenders to judge whether to
grant additional credit to consumers, and at what rate. It is
not the same as a credit score, which takes the information
contained in a credit report and distills it into a
three-number score. Credit scores are not included in the
credit report, and must be purchased from the credit bureaus.
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