U.S. Govt. Stipulates Free Annual Credit Reports

alue writes "Under the terms of the Fair and Accurate Credit Transactions (FACT) Act, passed last year, and amid growing concerns over privacy and disclosure of sensitive financial data, the three leading credit reporting agencies must provide consumers with a free summary once a year of all credit information on file for that person. Consumers in 13 Western states will be able to grab free online copies of their credit reports starting Wednesday."

Re:Question:

[Carthag]

I think that is just a symptom of the dumbing down of culture today. Even laws need cute names now. It makes me sad.

Is once a year really enough to make a difference?

[expro]

While I might take advantage of it if I knew there were problems, knowing I would have to wait a year to see it again (even if I later had real problems) would make me think twice before requesting it just to look it over.

Re:Will you be able to fix errors for free?

[Heem]

Yes. I recently just got mine (paid for it) In addition to my mortgage being on there, which shows I've never been late in paying and such, there was a delinquint account. I was like WTF? Since over the last few years I've tried to be REALLY good about bills and credit and such. Turns out, I owed $1.81 (yes, one dollar and eighty one cents) to my former gas company, which is very likely to be that when I paid my final bill to them before I moved 2 years ago that I simply wrote the check out for the wrong amount - yea, it's my fault, but someone could have simply called me, sent me a bill, ANYTHING. but no, instead they send it to collections, who also never bothered to contact me and freaking tell me this. It took me only about a 10 minute phone call to straighten it out - but if I hadnt gotten a copy of my report, I never would have even known.

Now to answer your actual question about a real mistake, that is, something that you did not actually do, you simply have to make a written request to the credit agency with notes on why it's not your credit and such. each of the big 3 have instuctions on their website for how to dispute things on there.

Well

[EinarH]

I for one welcome the mail from the phishers about the new http://www.annual-credit-report.com/ [annual-credit-report.com].

Re:Now my question is..

[ViolentGreen]

That's the whole point. You can pay for a credit report now. Why would they make it free and then decide to charge again? It doesn't make any sense.

Privacy, huh?

[Cooper_007]

So they supposedly show you all that they have on file about you. How do you know it's absolutely *ALL* of it?

And how exactly does your privacy benefit from having yet another place available on the web with your data on it?
Maybe I'm overly paranoid, but the less boxen with my data on it, the better.

Cooper
--
I don't need a pass to pass this pass!
- Groo The Wanderer -

Re:Question:

[Wolfger]

That's very true. Our elected representatives know that their fellows are more likely to vote for the "USA-PATRIOT act" than the "spy-on-our-citizens-in-hopes-that-we-actually-cat ch-a-terrorist act".

Re:Missing FAQ

[v1]

The regional roll-out is probably due to capacity, getting the records into an online database was possibly done in waves, state by state, and that's just the order they picked to enter them into the system in.

As for the referrer, look at how many scams are already going for people charging you absurd amounts to get a copy of your credit report. They are probably trying to prevent scammers from charging people for an online copy of their credit report when all they do after they charge your credit card $9.55 is to forward you to this site.

Grab free online copies of OTHERS' credit reports?

[dpbsmith]

What exactly will prevent this?

The site says: "To assure that your credit file is disclosed only to you, the nationwide consumer credit reporting companies will authenticate your identity utilizing the personal identification information you provide on this site, including, but not limited to, your Social Security number, and then require that you answer certain questions."

But what information on my credit report is known to me that is not known to my immediate family members, my employer, my physician's office, etc.?

Re:What does 'taking advantage' mean?

[bcattwoo]

Are you not willingly doing business with these companies?

I think it would be rather difficult to make it through life without ever getting a loan of any sort, credit card, or any of the other myriad of services that require a credit check. Heck, my last apartment even wanted to check my credit when I applied.

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[account_deleted]

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Re:DC?

[fracai]

I too was disappointed to find that New England was last on the list. But I can understand that they're doing this in a slow, fractured rollout. It allows them to build slowly in a number of areas including bandwidth, real help, and accrued data. It's slower than we'd all like for sure.

Re:A better question:

[Anonymous Coward]

The government has perfect credit because they can simply print currency to repay any debt.

This is how Germany paid their war debts and reparations for WWI in the 1920's. You know, that whole people-had-to-be-paid-twice-daily-because-the-mark s-they-made-in-the-morning-were-worthless-by-the-a fternoon phase. So yes, inflation results any time the government fires up the printing presses, but unless the debt is somehow linked to inflation, it can be quickly repaid in this fashion.

How is this modded up...

[daveschroeder]

...to +4, Insightful??

If there really was a Vast Right Wing Conspiracy to get your personal credit information (?????), is the best way to do it really setting up a website under FACT for consumers to get free yearly credit reports?

For fuck's sake.

Please, tell me about how flu shots are for mind control and that a 757 really didn't crash into the Pentagon. Can't wait.

did anyone who voted this informative check it?

[SuperBanana]

Did anyone who voted this posting "informative" actually check all the addresses? How do we know any of the addresses you provided are real?

Last time someone did this sort of post(might have been k5, not slashdot), I found 2 out of the 5 addresses were wrong- not just wrong digit...wrong PO box, wrong town, wrong STATE. That's VERY dangerous given that you are sending more than enough information necessary to do identity theft.

Please post links to their "how to reach us" pages on their websites next time.

Re:Now my question is..

[EastCoastSurfer]

Pulling your own report once in awhile shouldn't affect your credit rating. If a company sees many lenders pulling your report it may show you as shopping around for a loan, which may show you're being denied by various lenders. That's the general f'd up logic.

I think the credit scoring system is messed up anyways. Any company can report you for being delinquent and screw up your rating. It then becomes your reponsibility to correct their mistake, which they don't get punished for. They should start fining companies that make mistakes and report credit issues about the wrong person or credit issues that are just inccorect(billing errors etc...)

I was sent to collections one time over a $30 doctor bill. I thought I paid in full when the service was received AND I never received an additional bill. Nearly a year later I get a 3rd party collection notice. I paid the $30(the 3rd party place didn't care that I thought I paid and the hospital wouldn't talk to me b/c they sent the issue 3rd party), but it's still on my credit report that I had a bill that was over 180 days delinquent. The crap that happened to me has to stop.

Good, but should be better...

[THESuperShawn]

This is a good start. Under the FCRA (Fair Credit Reporting Act), formed back in the early 80's, consumers gained a lot of rights to prtoect their credit from predatory lenders and unfair credit reporting practices. The problem is, many people do not understand their rights or how to begin to fight bad creditors or incorrect credit reports. And unfortunately, the FCRA has not stopped problem creditors from pulling the same old tricks they have for years to keep credit scores low and interest rates high- re-aging deliquent accounts, non-PP credit pulls, etc. Face it, bad credit means big $$ to many industries.

How do you think card dealers survive selling new cars for $1 over invoice (and don't argue that the 3% invoice credit for marketing is where they make their money)- they make it on the back end. They "buy" the rate from the bank and hike it up for profit. Sure they can sell at a loss when they bring in an extra 2k on the back end.

This is a good first start for the government- many people will obtain a free report when they were not willing to pay 8-13 dollars before. BUT, at the same time, many states already offer free credit reports once a year (i.e. GA) and that has not stopped bad creditors.

The government needs to put harsher controls (and FINES) on creditors who break the FCRA. Educationg the consumer (free reports) is a start, but you need to give them ammuntion, not just a weapon.

Re:How is this modded up...

[daveschroeder]

but it would be technologically very easy for the government to get four modern commercial airliners, paint them in airline colors, rig them for remote piloting or with a GPS autopilot from a military aircraft, and use them as cruise missiles.

Of course not, if they were so inclined.

But the evidence doesn't indicate that, for one thing, and for another, what would have become of the actual planes, and their passengers? As I said, the implication would be that the planes were landed and hidden, and their occupants murdered by their own government.

And if our "goal" was to warmonger in Iraq, wouldn't we "make it look like" Iraq did it, instead of Osama bin Laden?

I trust you know what I'm getting at, here...