Free Credit Report

Many people may still not be aware of an amendment to the Fair Credit Reporting Act (FCRA) that Congress passed last year. This amendment allows U.S. citizens to receive a copy of their credit report, for free, once per year. The plan is being rolled out slowly in order to avoid swamping the system, but people living in the West and Midwest can receive their credit reports now, and everyone will be able to obtain a free credit report by September of this year. Those seeking a copy of their credit report should watch out, however, as not everyone who promises a “free” credit report is actually delivering one.

These free credit reports may be obtained through the official Website: http://www.annualcreditreport.com. Additional information is available at the Federal Trade Commission Website at http://www.ftc.gov/credit. Obtaining a copy of your credit report through this site is easy, and only requires your name, Social Security number, date of birth, and address. That would seem fairly straightforward, but there are many companies, some legitimate and some not, that are interested in attracting the business of those who seek copies of their credit report, and scams are flourishing.

Some companies have established Websites with addresses that are very similar to the address of the official site. These sites promise a free credit report, but they are actually only interested in harvesting your personal information. In addition to stealing your name, Social Security number and address, these sites may also tell you that a credit card number is necessary to “verify” your identification. With this information, the people operating these sites can steal your identity! There are many other Websites that promise “free” credit reports, but few that actually provide them for free. One such site is currently under investigation for credit report fraud. The site promised a “free” report, but required a credit card for “identification” purposes. Customers filled out the form and received a copy of the credit report but also received a charge on their credit card for $79.

Other unscrupulous companies take a more direct approach by sending spam e-mail that promises to provide free credit reports. These spam messages are almost always “phishing” expeditions that are designed only to obtain your personal information. If you are interested in obtaining a copy of your credit report, you should avoid responding to e-mail solicitations.

It is a rare occasion when you can obtain something for nothing. You can, however, receive a copy of your credit report, for free, once a year. Be aware, however, that not everyone who is promising you a free credit report intends to provide you with one.

©Copyright 2005 by Retro Marketing.

Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to debt consolidation and credit counseling, and StructuredSettlementHelp.com, a site devoted to information regarding structured settlements.

Share This

In 2003, Congress passed the Fair and Accurate Credit Transactions act (FACT), which made it possible for consumers to obtain a copy of their credit report for free. In fact, the legislation makes it possible for consumers to obtain one free report from each of the three main credit bureaus - Experian, Trans Union, and Equifax, per year. All that is necessary to do so is to write, call or log on to the Website the credit bureaus have created for this purpose. Millions of Americans have done so, and the program has been called a success so far. There’s just one problem - unscrupulous individuals have created Websites with similar names, and consumers who type the names wrong have ended up at sites designed to steal their Social Security numbers.

At last count, there were more than two hundred registered domain names with names that were similar to the official annualcreditreport.com or which contained the phrase “annual credit report.” Since it is quite easy to misspell a domain name, particularly a long one, many consumers have found themselves at sites other than the one they intended to visit. Most of these other Websites exist for the purpose of selling a credit report, rather than providing them for free, but others are designed to fool the consumer into providing personal information that the site owners may be able to exploit for personal gain. Other sites with similar names merely offer advertising or redirect visitors to porn sites.

What’s to be done? Not much, it would appear. Several of the sites that were created to fool consumers into providing personal information have been taken offline, but others will undoubtedly follow. Any sites that are established outside of the United States are immune to U.S. law, so it may be difficult for authorities to take any action. Consumers who are not overly familiar with the workings of the Internet would be better off contacting the credit bureaus directly by mail or phone. Anyone who uses the Internet to obtain a copy of their credit report should make sure that they are typing the name of the Website accurately. Failure to do so may lead to involuntarily providing vital personal information to people who shouldn’t have it.

©Copyright 2005 by Retro Marketing.

Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to personal bankruptcy, debt consolidation and credit counseling, and HomeEquityHelp.com, a site devoted to information regarding mortgages and home equity loans.

Share This

Maintaining your Credit Profile

Every consumer should be maintaining their credit profiles to ensure the highest scores possible. To do so, you must first order your credit reports from the three major credit bureaus: Equifax, Trans Union, and Experian. The federal Fair Credit Reporting Act (FCRA) entitles you to a copy of your credit
Report for free, provided you meet the following criteria:

You have been denied credit because of information in your credit report within the last 60 days.

You are currently unemployed and are seeking employment.

You receive public assistance.

You believe that your credit file contains errors due to fraud or identity theft.

Additionally, you also may be able to get your credit report and credit score from other business or companies. For example, if you live in California and are shopping for a home loan, the lender must provide you with your credit score by law. Several other states require that credit scores be disclosed to consumers.

It’s possible to receive a free copy of your credit reports annually if you live in Colorado, Georgia, Massachusetts, New Jersey, Vermont and Maryland. Recently Congress passed a law which affords each of us the right to a free credit report annually. Below is a listing of the start dates for this particular program:

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.

To take advantage of the free annual credit report, please visit: www.annualcreditreport.com.

Why is it important to “maintain our credit profile”? You have to have good credit, or at least decent credit, for a lender to consider you as a worthy credit risk. With our credit score being used in everything from insurance to interest rates on loans, we need to ensure that we manage our credit properly.

There is also the an epedimic going on called Identity Theft. The FBI released a study in May 2005 which stated that Identity Theft has caused over $52.6 billion dollars in total losses for 2004. With over 4.6% of the population being effected by Identity Theft, you can never be too careful. Identity Theft is simply an individual assuming another identity, and often times leads to other financial crimes such as credit card fraud, mortgage fraud, and check fraud.

By monitoring our credit reports frequently and utilizing our credit responsibily, we can take control of our financial futures to ensure that our profiles are accurate.

For more information regarding your credit scores, credit reports or debt options currently available to you, please contact Gateway Credit Connection or visit us online at http://www.creditmonkey.com

Michael Goff is the Co-Founder of Gateway Credit Connection, helping empower consumers to take control of their personal and business finances.

Share This