The
"FACT" Act
The
Fair and Accurate Credit Transactions Act
was signed into Federal law in December 2003 (the
FACT Act). The most publicized provision of the FACT
Act changes the Fair Credit Reporting Act (FCRA) to
allow consumers a free annual credit report from each
of the three national credit bureaus—Equifax,
Experian and Trans Union.
What
is in the Free Annual Credit Report?
The
Credit Report provides all the information about you
in your credit file maintained by a consumer reporting
company that could be provided in a consumer report
to a third party, such as a bank or other credit lender.
The disclosure also includes a record of everyone
who has made "inquiries" about you in a
consumer report from the consumer reporting company
within a certain period of time. The credit file disclosure
includes certain information that is not included
in a consumer report about you to a third party, such
as the inquiries of companies for pre-approved offers
of credit or insurance and account reviews, and any
medical account information which is suppressed for
third party users of consumer reports.
Is
this available in my state?
The
Free Credit Report is available in all states.
How
often can I receive this report?
You
are entitled to a free credit report from each of
the nationwide credit bureaus once every 12 months.
Of course, you may purchase a credit report at any
time from the three reporting agencies. |
