|
(Miami-Dade County, FL) -- Did you know that, as of June 1, 2005, Florida residents are able to get their credit report for free?
The federal Fair and Accurate Credit Transactions Act (FACTA) requires each of the nationwide consumer reporting companies (sometimes called credit bureaus) to provide you with a free copy of your credit report, at your request, once every 12 months.
There are three nationwide consumer reporting companies — Equifax, Experian, and Trans Union.
The three companies have set up one central website, toll-free telephone number, and mailing address for ordering the free reports.
To order, click on www.annualcreditreport.com, call 877-322-8228,
or complete the Annual Credit Report Request Form and mail it to:
Annual Credit Report Request Service,
P.O. Box 105281,
Atlanta, GA 30348-5281
The form can be printed from www.ftc.gov/credit.
Why bother getting a credit report?
Your credit report contains information on where you live, how you pay your bills, and whether you’ve been sued, arrested, or if you’ve filed for bankruptcy. The credit bureaus sell the information in your report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home.
These credit reports often contain errors which can negatively affect your attempt to obtain any of these services. And these errors will remain on your file unless you take action to have them corrected or deleted.
Additionally, it’s one of the quickest ways of discovering whether you’ve been a victim of identity theft, the fastest growing ‘white collar crime’ in our county.
Should you order a report from each of the three nationwide consumer reporting companies?
It’s up to you. Because nationwide consumer reporting companies get their information from different sources, the information in your report from one company may not reflect all, or the same, information in your reports from the other two companies.
Should you order reports from all three of the nationwide consumer reporting companies at the same time?
You may order one, two, or all three reports at the same time, or you may stagger your requests. It’s your choice. Some financial advisors say staggering your requests over a 12-month period may be a good way to keep an eye on the accuracy and completeness of the information in your reports.
Does this new law provide any other consumer benefits?
FACTA contains other credit related protections for consumers. The additional provisions include:
- Employers must destroy information derived from a consumer credit report before discarding it.
- Consumers who suspect identity theft need to notify only one of the three credit-reporting services to set off a nationwide fraud alert.
- Mortgage lenders must provide the credit score they use to determine a loan's interest rate, whether the loan is approved or denied.
Take advantage of this important consumer right, and share this information with friends and family.
|
