Free Credit Reports Now Available
As permitted by the Fact Act, consumers can now request a free annual credit report from the three consumer reporting companies - Equifax, Experian, and TransUnion. Consumers in the first 13 eligible states, (AK, AZ, CA, CO, HI, ID, MT, NV, NM, OR, UT, WA, WY) have been able to order reports since December 1, 2004.
Free annual reports will be phased in across the country from west to east over a nine-month period. Midwestern states will be able to order their free reports beginning March 1, 2005. That would be IL, IN, IA., KS, MI, MN, MO, NE, OH, SD, WI.
Southern states will be eligible starting June 1, 2005, including AL, AR, FL, GA, KY, LA, MS, OK, SC, TN, TX.
The last section of the country, the Eastern states, can order theirs beginning September 1, 2005. That would include CT, DE, ME, MD, MA, NH, NJ, NY, NC, PA, RI, VT, VA, WV. The District of Columbia, Puerto Rico and all U.S. territories can also order theirs at that time.
DO NOT order credit reports for depositors! Free credit reports can ONLY be requested by visiting www.annualcreditreport.com; or by calling (877) 322-8228; or by mailing a standardized form to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. If requested online, the report should be available immediately unless more information on the consumer is needed. Requests by phone or mail should be received in 15 days. The consumer will be able to get a copy from each of the three companies. FTC suggests staggering the request for copies over the year in order to keep tabs on activity on the records. According to the three companies, the credit reports should be easily understood.
After September 1, 2005, all U.S. consumers will be eligible to request a free report. Annualcreditreport.com is the only authorized source for consumers to access their credit reports online for free. The FTC cautions consumers not to contact the credit reporting companies directly for their report. It is only free through the web site, the toll free number or with the application. If ordered from the company, there is a $9 charge in most states.
They also warn that none of the credit reporting companies will send out emails or call the consumer asking for information. To order the credit report the consumer will have to give personal information, such as name, address, social security number, date of birth, and, if the person moved in the past two years, the previous address. The FTC is aware of the opportunity for phishing because of the information requested.
To inform consumers about their state's eligibility and help answer questions they may have about the consumer reporting companies' new service, the Federal Trade Commission has published a new Facts for Consumers brochure, "Your Access to Free Credit Reports." The alert explains why it is important for consumers to monitor their credit history, how to request a report and how to dispute any errors. The FTC's alert is available at www.ftc.gov/bcp/conline/pubs/credit/freereports.htm. For more information, visit www.ftc.gov/credit
Copyright © 2004 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 10, 12/04
Privacy Policy Disclaimer Recommend This Site ! Contact Us
BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.
|
Print Friendly!
Email This Article!
Discuss NOW!