Access to Your Free Annual Credit Report
A recent change in the Fair Credit Reporting Act 1970 says that each of the credit reporting companies (Experian, Trans Union, and Equifax) are required to provide you with a free copy of your annual credit report. Consumers can obtain their free annual credit report copy using the government credit reporting website.
The United States Consumer Protection Agency, the Federal Trade Commission oversee and enforce the act with respect to credit reporting companies and requires that all of them provide accurate and up to date consumer credit information when you use the website to obtain annual free credit report.
The process of providing free annual credit report began in 2004 when all the above mentioned companies began processing customer’s requests for free reports at annualcreditreport.com. A credit report contains an individual’s personal information such as payment history with several creditors, inquiries made by different financial institutions and any other information such as bankruptcies and foreclosure. The credit reporting companies collect and provide this information to anyone who has a valid purpose to obtaining it.
The Federal Trade Commission has published a new consumer information brochure entitled, Your Access to Free Credit Report that explains why it is necessary for the people to monitor their credit history, how to find the errors and how to get a report. You can easily find this brochure by searching the Federal Trade Commission’s website for the title.
By the order of the government, you have a right to obtain a free copy of your yearly credit report if you have been turned down or denied for credit. The company where you applied for credit must provide you with the name and contact information of the bureau they obtained your information from. Then, you can contact that office within two months for your free annual credit report.
So getting the access to your annual free of cost credit report is a two-minute process and can be done easily without much hassle.
