Free Credit Reports; Soon you’ll be able to get your credit report for free. Many financial advisors suggest that you periodically review your credit report for inaccuracies or omissions. This could be especially important if you're considering making a major purchase, such as buying a home. Checking in advance on
accuracy of information in your credit file could speed credit-granting process, clean credit is a must. A recent amendment to federal Fair Credit Reporting Act (FCRA) requires each of credit bureau`s to provide you with free credit reports, at your request, once every 12 months.
Free Credit Reports, contain information on where you live, how you pay your bills, and whether you’ve been sued, arrested, or filed for bankruptcy. Nationwide credit bureau`s sell information in your credit report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home. There are three nationwide credit reporting companies Equifax, Experian, and Trans Union.
Free Credit Reports Now! Everyone in Western states will first be able to order their free credit reports under federal law beginning December 1, 2004. Consumers in other states will be able to order their copies according to a regional roll-out detailed below.
In recent months, consumers have asked FTC for more details about their rights under federal FCRA and Fair and Accurate Credit Transactions (FACT) Act, which established free credit reports program. They’ve also asked about credit reports in general. Here are most frequently asked questions and answers.
Q: How do I know when I’m eligible to get a free credit report? A: Soon free credit reports will be phased in during a nine- month period, rolling from West Coast to East beginning December 1, 2004. Beginning September 1, 2005, free credit reports will be accessible to all Americans, regardless of where they live.
Everyone in Western states Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, and Wyoming can order their free credit reports beginning December 1, 2004.
