Periodically reviewing your credit report is important to make sure the information is accurate and to guard against identity theft.  Inaccurate information could affect your ability to get a loan, insurance or even a job.  If someone uses your identity to commit fraud, it could show up on your credit report.  For example, if an identity thief gets a new credit card in your name and then doesn’t pay the bills, the delinquent account will be reported on your credit report.

A new federal law now gives you access to free credit reports.  Once every 12 months you can request a free credit report from each of the three nationwide consumer reporting companies:  Equifax, Experian, and Trans Union.

When You Can Start Ordering Your Free Reports

Free credit reports under the law are being phased on the following schedule based on where you live. 

Consumers in the Western states – Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, and Wyoming – can order their free reports beginning December 1, 2004.

Consumers in the Midwestern states – Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, and Wisconsin – can order their free reports beginning March 1, 2005.

Consumers in the Southern states – Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, Oklahoma, South Carolina, Tennessee, and Texas – can order their free reports beginning June 1, 2005.

Consumers in the Eastern states – Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, Vermont, Virginia, and West Virginia – the District of Columbia, Puerto Rico, and all U.S. territories can order their free reports beginning September 1, 2005.

How to Order a Free Report

The three nationwide consumer-reporting companies have set up one central service to handle report requests. There are three ways you can order your free annual credit reports from this service:

• Online at www.annualcreditreport.com,
• Calling 877-322-8228, or
• Completing the Annual Credit Report Request Form and mailing it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.  You can download the form from website www.annualcreditreport.com.

What to Do if You Find Errors in Your Credit Report

Under the U.S. Fair Credit Reporting Act, both the consumer-reporting company and the provider of the information reported to the consumer-reporting company are responsible for correcting inaccurate information or incomplete information in your report.

If you find an error, tell the consumer-reporting company about it in writing.  Also tell the creditor or other information provider in writing that you dispute an item on your report. The consumer-reporting company must investigate the error in question usually within 30 days, unless your dispute is considered frivolous. 

For More Information

For more information, visit the U.S. Federal Trade Commission (FTC) website www.ftc.gov and select “Information on Free Credit Reports” under Hot Topics or call the FTC toll-free at (877) 382-4357.

Source: “FTC FACTS for Consumers: Your Access to Free Credit Reports,” www.ftc.gov.