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New law gives you free access to credit report Web Posted: Aïssatou Sidimé Express-News Business Writer Under the Fair and Accurate Credit Transactions Act, passed by Congress in response to soaring identify theft claims, consumers can request one free credit report every 12 month-period from each of the three national credit reporting agencies, Experian, Equifax and TransUnion. They must use a new toll-free telephone number, (877) 322-8228, the annualcreditreport.com Web site, or a special mailing address Annual Credit Report Request Service, Requesters will have to supply a Social Security number, date of birth, and answer a few personal questions to get instant access online. Credit agencies have up to 15 days to send out reports that are requested by phone or mail. Generally the system gets a high volume of calls that leads to spotty access in the first week, according to Experian spokesman Rod Griffin, but it quickly declines. The Web site also won't let users save the reports, so consumers should print reports as soon as they appear on screen, he said. While the reports are useful for tracking the financial information available to businesses, they won't include any credit scores. Credit agencies use a computerized formula to assign each report a score, between 300 and 900, to reflect how likely a consumer is to repay debts on time. Lenders and insurance companies tie their premiums and interest rates to credit scores. An increasing number of employers also review credit reports in screening applicants for jobs that involve handling money or managing financial transactions. The credit reporting agencies are charging between $5 and $5.95 to buy just the score. Providian credit card customers will be able to get a free peak at their credit scores monthly. Still, financial advisers say, the free reports are a good step toward the recommended annual review of credit history. If a consumer has not seen his report in a long time or will be applying for a major loan, such as a mortgage, he or she probably should get reports from all three agencies at once, according to Norma Garcia, senior attorney for Consumers Union. "Otherwise he may want to get just one at a time spread throughout the year," she said. Consumers should verify the name, addresses, Social Security number and other personal information as well as payment histories and balances on reports. The new law lets consumers dispute information directly with the credit reporting agencies. The agencies will have up to 45 days to respond to dispute information unless it involves ID theft or declined credit. |