Getting a copy of your credit report will soon be a lot easier — and cheaper — thanks to the Fair & Accurate Credit Transactions Act (FACT Act), a revision of the Fair Credit Reporting Act. Passed in late 2003, the new law creates a central source consumers can use to obtain a free report and fix errors when they crop up. The service will roll out gradually nationwide, starting on the West Coast on Dec. 1, and finishing up with the Northeast in September, 2005.
Eventually, consumers will be able to visit one Web site or call one central phone number to get a free copy of their report once a year from the three main credit-reporting agencies. Repairing mistakes and guarding against the growing scourge of identity theft will become a lot easier. In a June study, U.S. PIRG, the national lobbying group for state Public Interest Research Groups, found that one in four credit reports contain errors serious enough to result in credit denial.
For this complete story, please visit Setting Up Credit-Report Central.
