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. |
