The rules behind getting a free credit reportIt is a law that you can get a free report every 12 monthsBy Todd Ossenfort
Dear Credit Guy,
I've contacted
credit report companies and was told that I must pay for any credit
report. You could help me in this effort by identifying the law that
defines the requirements for consumers to receive a free credit report from the
reporting companies.
It is so much
easier to approach these people with facts and ask to speak with the
supervisor. Thanks for whatever you can do.
-- Lorraine
Dear Lorraine,
I would be happy to
help. The Fair and Accurate Credit Transactions Act (FACTA) provides that the
three major credit reporting bureaus (Equifax, Experian, and TransUnion) must
provide a free copy of your credit report every 12-month period. The rules
issued by the Federal Trade Commission also provide that you must be able to
make your request of all three bureaus with one phone call, letter or website
inquiry. You may call 1-877-322-8228, visit www.annualcreditreport.com or complete
the Annual
Credit Report Request Form and mail it to: Annual Credit Report Request
Service, P.O. Box 105281, Atlanta, GA 30348-5281.
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Be aware that to
receive your free annual copy of your credit report from the bureaus, the
request must be submitted as above. You may not contact the bureaus directly
for your free annual report.
In addition, the
Fair Credit Reporting Act provides that the three major credit bureaus must
provide you a free copy of your credit report from their bureau:
- If any adverse action has been taken as a
result of information included in your credit report. Adverse actions
would include being denied for credit, employment or housing or receiving
a higher insurance rate.
- After placing a fraud alert on your
credit reports or any other actions as a result of being a victim of
identity theft.
- After disputing inaccurate information
included on your report.
These requests for
free reports should be made directly with the bureau involved.
I recommend that
you check your report from each of the three bureaus each year. You will want
to assure that all information is accurate and belongs to you. Keep in mind
that all negative information that is correct will remain on your credit report
for seven years from the first date of delinquency. Bankruptcies will remain on
your report for 10 years.
You can dispute
information that you believe to be inaccurate with the bureau that reported it.
You have the option to file a dispute online or by mail. The credit bureau is
required by the Fair Credit Reporting Act to investigate the dispute and reply
within a 30-day period beginning with the date the dispute is received.
Take care of your
credit!
See related: Free credit report: Do you need to pay for it?, How to dispute credit report errors, Consumer credit report statement sample letters
Todd Ossenfort is the chief operating officer for Pioneer Credit Counseling in Rapid City, S.D. Pioneer Credit Counseling has been a member of the Association of Independent Consumer Credit Counseling Agencies since 1997.
The Credit Guy answers a question about a debt or credit issue from a CreditCards.com reader each week.
Send your question to The Credit Guy.
Updated: April 22, 2009
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