If you were to tell someone that he could have something for free, his reply would probably be, “What are you holding?” In the case of credit reports no arrests, you can now get a free copy of this report through three credit reporting agencies: Equifax, Transunion, and Experian. Let's look at the law and how you can benefit from it.
Amendment of the Fair Credit Reporting Act (FCRA) requires that three national credit reporting agencies provide you with a free copy of your credit report annually. From December 1, 2004, until the climax of September 1, 2005, the Federal Trade Commission requires that these organizations provide progressive reports, in stages. In other words, on December 1, 2004, if you were living in some western provinces, you were eligible for that term and every three months an additional province was added. As of September 1, 2005, citizens of all provinces are eligible.
Fortunately for consumers, you do not need to contact three separate reporting agencies to get your free credit report. You can order online at www.annualcreditreport.com, or by calling 877-322-8228, or by completing the Annual Credit Report Application Form and submitting it:
Annual Credit Report Application Service
P.O. Box 105281
Atlanta, GA 30348-5281
The form is available online where you can print it and send it to: www.ftc.gov/credit. If you need copies more often, you can contact three reporting agencies and request copies. You will pay for this service.
To purchase a copy of your report, contact:
- Equifax 800-685-1111 www.equifax.com
- Expert 888-EXPERIAN (888-397-3742) www.experian.com
- Trans Union 800-916-8800 www.transunion.com
There are also private companies that will get you all three copies of your credit report. There is a charge, but you may find that their services are less problematic than contacting three different companies.
So how can you benefit from the law?
By ordering copies of your reports from companies every four months. Most buyers will find this program adequate and will allow you to compare/compare reports for each agency. Yes, if you suspect fraud you will want to order all three reports at once and notify each agency to include a "fraudulent notification" in your credit file.
All in all, the new law is of great benefit to consumers. Take advantage of this "windfall" as soon as you qualify to do so.
