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Free Credit Report

Free Credit Report

© Money-Talk.org

Thanks to a recent ammendment to the Fair Credit Reporting Act (FCRA), you will soon be able to get a free copy of your credit report. This law requires each of the nationwide consumer reporting companies to provide you with a free credit report copy, at your request, once every 12 months. You can get more information at AnnualCreditReport.com.

A credit report contains information on where you live, how you pay your bills, and whether you've been sued, arrested, or filed for bankruptcy. Nationwide consumer reporting companies 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. This is why it is important to take the time to check your credit report and ensure it is error free. Also don't forget to check your credit report with all the major credit bureaus bureaus, as each one has a unique report.

Consumers in Western states will first be able to order their free credit report under the federal law beginning December 1, 2004.

Free credit reports will be phased in during a nine-month period, rolling from the West Coast to the East beginning December 1, 2004. Beginning September 1, 2005, a free credit report will be accessible to all Americans, regardless of where they live.

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