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.

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table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://online.wsj.com/article/SB122332067901008559.html%3Fmod%3Dgooglenews_wsjcid=1254804403ei=NbrrSIa3LYmE6QPy3JyACQusg=AFQjCNHGMuoVKF__vZibwRubLamdVW1moQimg src=http://news.google.com/news?imgefp=FkytdmbArj4Jimgurl=s.wsj.net/public/resources/images/MK-AS206_mgmmir_D_20081006165635.jpg width=80 height=53 alt= border=1brfont size=-2Wall Street Journal/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.guardian.co.uk/business/feedarticle/7845336cid=1254804403ei=NbrrSIa3LYmE6QPy3JyACQusg=AFQjCNG2OkHCjVPvYu1LPfYMZjf31Odl8QMGM Mirage bcredit/b line amended, shares fall/abrfont size=-1font color=#6f6f6fguardian.co.uk,nbsp;UKnbsp;-/font nobr23 hours ago/nobr/fontbrfont size=-1By Deena Beasley LOS ANGELES, Oct 6 (Reuters) - MGM Mirage said on Monday its senior bcredit/b facility has been amended and it has finalized $1.8 billion of b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.marketwatch.com/news/story/citycenter-secures-first-phase-its/story.aspx%3Fguid%3D%257B1A954400-8A86-49BE-A467-9A99032267C0%257D%26dist%3Dhpprcid=1254804403ei=NbrrSIa3LYmE6QPy3JyACQusg=AFQjCNHvzVLlGEuP3IIqF2MuoJpJrfssMwCityCenter Secures First Phase of Its $3.0 Billion Senior bCredit/b b.../b/a font size=-1 color=#6f6f6fnobrMarketWatch/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://online.wsj.com/article/SB122332067901008559.html%3Fmod%3Dgooglenews_wsjcid=1254804403ei=NbrrSIa3LYmE6QPy3JyACQusg=AFQjCNHGMuoVKF__vZibwRubLamdVW1moQMGM Mirage Gets Some Vegas Funding/a font size=-1 color=#6f6f6fnobrWall Street Journal/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.reuters.com/article/industryNews/idUSTRE4954O120081006cid=1254804403ei=NbrrSIa3LYmE6QPy3JyACQusg=AFQjCNHJbpMvuFR70kFFyc3_oxjMn8sxjwMGM Mirage#39;s CityCenter gets first phase funding/a font size=-1 color=#6f6f6fnobrReuters/nobr/font/fontbrfont size=-1 class=pa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.onlinecasinoadvisory.com/casino-news/land/mgm-mirage-redoes-loan-terms-42215.htmcid=1254804403ei=NbrrSIa3LYmE6QPy3JyACQusg=AFQjCNFPaP7sqCqhPLoVBa-zf3ftmgs0yAnobrOnline Casino Advisory/nobr/anbsp;- a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://money.cnn.com/news/newsfeeds/articles/apwire/e649a73f619f337f17e57c4864bcd4c5.htmcid=1254804403ei=NbrrSIa3LYmE6QPy3JyACQusg=AFQjCNEpqn9ftGzeeofscbc68mSKdGsoqAnobrCNNMoney.com/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1254804403hl=ennobrall 64 news articles/nobr/a/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.marketwatch.com/news/story/accion-usa-provides-credit-help/story.aspx%3Fguid%3D%257B5C963D8B-E310-4DFE-BE56-F2A82F5E728E%257D%26dist%3Dhpprcid=1255170469ei=NbrrSIa3LYmE6QPy3JyACQusg=AFQjCNH_p2SIHjHLu8HGHKe14NDWK5m3CQACCION USA Provides bCredit/b Help for Strapped #39;#39;Main Street b.../b/abrfont size=-1font color=#6f6f6fMarketWatchnbsp;-/font nobr3 hours ago/nobr/fontbrfont size=-1quot;With the current bcredit/b crunch affecting businesses of all sizes, we are seeing an exponential increase in the need for alternative bcredit/b sources for b.../b/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.usnews.com/blogs/capital-commerce/2008/10/07/yes-the-credit-markets-are-that-bad.htmlcid=1255161575ei=NbrrSIa3LYmE6QPy3JyACQusg=AFQjCNFdqvp18sIsKnZsKnXXzuIlXzmLVgYes, the bCredit/b Markets Are That Bad/abrfont size=-1font color=#6f6f6fU.S. News World Report,nbsp;DCnbsp;-/font nobr3 hours ago/nobr/fontbrfont size=-1Corporate bond spreads have risen to their widest level since 1933, an astonishing ascent that should put a quick end to the idea that bcredit/b problems are b.../b/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.marketwatch.com/news/story/consumer-credit-has-record-drop/story.aspx%3Fguid%3D%257B64766731-6CFF-494F-BF60-2D688ABDF0B6%257D%26dist%3Dmsr_1cid=1255214121ei=NbrrSIa3LYmE6QPy3JyACQusg=AFQjCNF7fpj4RRb1-6mzCh8Z8UYH-oba9wConsumer bcredit/b has record drop in August/abrfont size=-1font color=#6f6f6fMarketWatchnbsp;-/font nobr34 minutes ago/nobr/fontbrfont size=-1Consumer bcredit/b rose 2.4% in July. Non-revolving bcredit/b - such as auto loans, personal loans and student loans - dropped sharply by $7.3 billion, or 5.4%, b.../b/font/div/font/td/tr/table
credit - Google News

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