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.

---

Establishing Credit ? What You Need To Know Part 1

Establishing credit is one of the most important things you... Read More

Legislators Ponder New Credit Protection Laws

Legislators in Washington, D.C. are considering several credit-related consumer protections... Read More

Opting For A Credit Card? Check Out Certain Terms

You've just received a "pre-approved" credit card offer in your... Read More

Tips for Choosing a Credit Card Company

Credit Cards are essential for any consumer today. However, when... Read More

Saving Money with Credit Cards

Having a credit card is a wonderful convenience for those... Read More

Credit cards

If gold medals were awarded for marketing consistency, the credit... Read More

Rewards Cards - Are They Right For You?

Rewards cards have become the latest rage in the credit... Read More

Which Business Credit Cards with Reward are the Best?

Thinking of applying for a credit card with a reward... Read More

Useful Tips On Avoiding Credit and Charge Card Fraud

Credit and charge card fraud costs cardholders and issuers hundreds... Read More

The Three Largest Factors In Your Interest Rate

There are three major factors that affect how much you... Read More

Finding What is on Your Credit Report

A credit report is basically a file about you kept... Read More

Tips For Getting Your First Credit Card

Most of us get a credit card on our name... Read More

Shoppers Beware - Tis The Season

It's the number one complaint from consumers and it only... Read More

Pitfalls of the Credit Industry

The credit industry if rife with pitfalls. If you have... Read More

The Next Person With Credit Problems Got Their First Credit Card Today!

One of the focus areas of my information is the... Read More

Everything You Always Wanted To Know About Your Credit Report

Your credit report is a very powerful report that essential... Read More

Free Credit Report - Really

2005 marks the year that consumers will be able to... Read More

Reward Credit Cards: Get the Best Rewards Card Incentive Program

A good credit reward card can contribute to your retirement... Read More

Are You The Only One Using Your Name?

Identity theft has become an epidemic. Millions and millions of... Read More

How Do I Establish A Good Line of Credit?

A line of credit, roughly defined, is the amount of... Read More

How To Choose Your Credit Card Application

The articles and tips provided on this site are intended... Read More

Bad Checks, Bounced Checks, & NSF Checks

Negotiable instruments like checks and drafts have become an indispensable... Read More

What You Need To Know About Credit Cards

What is a credit card? A credit card is... Read More

Searching For A Low Interest Credit Card?

These days, people need to very carefully consider what type... Read More

Is Your Credit Score Costing You Money?

Most of us want a good credit report to obtain... Read More

Choosing a Credit Counseling Company

If you have considered credit counseling as an option to... Read More

Credit Card Benefits and Drawbacks

Credit cards have both benefits and drawbacks. It is wise... Read More

Easing Your Financial Burdens With Credit Counseling

It is a well-publicized fact that more of us are... Read More

4 Steps to Creating Good Credit

As a consumer you've learned the importance of establishing a... Read More

Credit Cards -- What You Should Know

There are a lot of questions about using credit cards.... Read More

Credit Report ? Look Out for Your Debit Report, Too

Most consumers are aware that there are companies that keep... Read More

Credit Card Traps: How To Spot Them On The Spot!

They arrive in your mail - a conspicuous looking mail... Read More

Credit Report Hassles

There is no end to the amount of pain that... Read More