FACTA and the rules behind getting a free credit report
Federal law mandates you can get a free report every 12 months
Ask a question.
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.
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.
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.
|Credit card videos|
For more on this topic, check out this video:
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!
Meet CreditCards.com's reader Q&A experts
Does a personal finance problem have you worried? Monday through Saturday, CreditCards.com's Q&A experts answer questions from readers. Ask a question, or click on any expert to see their previous answers.
- I paid off my card but stopped using it; will it be canceled? – Some creditors might cancel your card due to inactivity, which could affect your credit score. A simple fix? Use your card for everyday purchases ...
- Q&A: If I file bankruptcy, how will it affect my spouse? – Married and living in a community property state? Your spouse might be affected if you file bankruptcy, but you may have other debt-relief options ...
- Can 'right to offset' be applied to written-off card debt? – Banks ordinarily have the right to take funds from a customer's account to satisfy a default on another account from the same customer. The exception? credit card debt ...