We are midway through 2006.  Have you accessed your free credit reports yet? The federal Fair and Accurate Credit Transactions Act provides you with access to one free credit report from each of the nationwide consumer reporting agencies; Experian, Trans Union, and Equifax on an annual basis.

The three nationwide credit reporting agencies, Equifax, Experian and TransUnion have set up one central website, toll-free telephone number and mailing address for ordering your free annual report.

What is a credit score? A credit score is simply a number based on information in a consumer’s credit report. Your score is determined by reviewing your salary, employment history, history of late payments, non-payment of loans, current level of debt, length of credit history, number of bad checks written, history of applying for credit, etc. Credit scores do not reflect personal characteristics such as age and gender.

If you find an error on your credit report, such as an account that isn’t yours or an incorrect amount, mail a completed dispute form that comes with the report or a letter to the credit agency which reported the error, enclosing a copy of your report with the disputed item(s) circled.