Prevent Identity Theft by Checking Your Credit Report
05/02/05
by John Mussi
You may not know it but you are entitled to a free copy of
your credit report once a year from Equifax, Experian and
Trans Union!
These three major credit reporting companies, maintain a
profile of how you pay your bills, what type of mortgage
loan you qualify for and whether you've been sued or filed
for bankruptcy.
However, this free credit reporting service is not available
in all areas of the United States yet.
The service has been available in the twelve western United
States since January 1, 2005. It is now available in
Midwestern states since March 1, 2005.
On June 1, 2005 the service will be available to individuals
in Southern United States and for those in the Eastern
United States starting September 1, 2005.
This service is provided under the Fair and Accurate Credit
Transactions Act (FACT).
It is in response to the raising number of identity thief
reported in the U.S.
The law lets you see what lenders, prospective employers or
prospective landlords see.
An addition goal is to help you spot identity theft by
letting you to see a list of all credit accounts open in
your name. For you to view your report regularly may be the
best ways you have to determine how your credit rating
stands and if you have been a victim of identity theft.
You have the ability to request one credit report from each
of the three credit reporting companies once a year.
The best way to make the most of this free credit report
opportunity is by ordering a credit report from one of the
three credit companies every three-four months. In that way
you can monitor your credit regularly at no cost.
The official website that you can get your credit report
information is -- www.annualcreditreport.com.
Once you are at the site, you will able to link to the three
credit companies, Experian, Equifax and TransUnion, special
web pages to get your credit report.
However, be aware of the advertising on each agency's free
credit report site that may lead you to believe that you
must purchase one or more of there other services, like your
personal credit score number, to get your free credit
report.
The Fair and Accurate Credit Transactions Act does not
prevent these credit reporting companies from advertising
their other services before you are able to get to your free
credit report.
When you are at one of the credit reporting company’s site
pages it is not clear that you may get your free credit
report without purchasing any of the company’s other
services.
As you visit the credit reporting company’s site you may get
the impression that you must pay to see your “credit score”
(also called a FICO score) before you are able to see your
free credit report.
This is not the case, your credit score is the number
calculated on a scale between about 300 and 925. It is used
when you're buying a new car, house or other major
purchases. You'll still have to pay one of the credit
companies a fee to see that number. This credit score number
is different from the information within your free credit
report.
The official site is separate from the credit reporting
companies’ regular sites, where you still must pay to get
your credit information.
In addition, there are a few look-alike sites you may
confuse with the official free credit report site. These
other sites may have been setup for outright credit fraud.
Be very careful that you are working with the official site
setup and maintained by Central Source, a joint venture
among the three credit companies to process these free
credit reports -- www.annualcreditreport.com. If you receive
an offer through the mail, via phone call or an email to
provide your credit report for a fee, it is probably
fraudulent.
Here's how to Request your free Credit Report
Online: www.annualcreditreport.com.
Or you can call toll-free: 877-322-8228
Or order by mail:
Annual Credit Report Request Service,
P.O. Box 105281,
Atlanta, GA 30348-5281.
If you request report by mail you must mail in a request
form available on the site of the Federal Trade Commission:
www.ftc.gov/bcp/conline/edcams/credit/docs/factactrequestform.pdf
The reports are sent to you within 15 days.
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