U.S. Govt. Stipulates Free Annual Credit Reports 404
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."
Now my question is.. (Score:2, Interesting)
i mean it didnt take long for those free online credit reports to become "free" as in a "free ipod"
Re:Now my question is.. (Score:4, Insightful)
Re:Now my question is.. (Score:5, Informative)
Re:Now my question is.. (Score:4, Informative)
Only living in certian states entitled you receive a free report anually or semi-anually. If you lived outside one of those states, you either had to pay for it, go to a "free" credit reporting site that would give you one free in order to hook you on their credit monitoring service, or request a free report under one of the following conditions:
- Been denied credit
- Had a collection agency state that their credit rating may be affected by a collection,
- Unemployeed and intend to be employeed within 60 days of making the request (1 time/year)
- recipient of public welfare assistance (1 time/year)
- Beleive the file contains inaccurate information (1 time/year) but if there is inaccurate information, you can request a 2nd one to confirm it has been removed
The maximum the big 3 can charge for a credit report directly is $8. This likely will get you a fairly raw report but is still fairly easy to understand. Services that charge more are just profiting from you in exchange for making them a little easier to read.
You are right that it's bad to apply for credit in order to get the free report as it does count against you. However, you are incorrect that you should apply for credit all at once as there is a cap on the number of hits.
Applying for mortgages and car loans only count as 1 hit within a 30- or 60-day time frame, so it's good advice to apply at several different places to compare rates and terms. However, each seperate other applicaiton of credit, say for credit cards or store financing offers, count as sperate hits. Doing too many will add up and I don't beleive there is a limit on the number of those hits.
Re:Now my question is.. (Score:5, Insightful)
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.
Re:Now my question is.. (Score:3, Funny)
Why Asking for Credit Reports Can Be Bad (Score:3, Informative)
The Big Three do not distinguish between you asking for your credit report and anyone else asking for it (please note, I do not mean this in a privacy sense, only in an actuarial sense). They keep track of how many times a credit report on you is requested. As you may know, some of these are legitimate and some are less so -- but it's not really up to the Big Three (Experian, Equifax, Trans Union) to decide what's
Re:Why Asking for Credit Reports Can Be Bad (Score:4, Informative)
Bzzt. Wrong. The credit agencies distinguish between a credit report pulled from the consumer versus a creditor. Futhermore, creditors that pull your report for 'promotional' reasons such as determining eligibility for 'pre-approved' credit cards don't count either.
Let me quote from Experian site: http://www.experian.com/credit_score_basics/credi
'Certain types of inquiries (requests for your credit report). The score does not count "consumer disclosure inquiry" requests you have made for your credit report in order to check it. It also does not count "promotional inquiry" requests made by lenders in order to make a "pre-approved" credit offer - or "account review inquiry" requests made by lenders to review your account with them. Finally, inquiries for employment purposes are not counted.'
How is this modded up... (Score:3, 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.
Re:How is this modded up... (Score:5, Interesting)
I hate to tell you this, but your credit reports are already available on "a website".
One of many is TransUnion's TrueCredit [truecredit.com]. You can instantly get all three of your credit reports and scores, if you're willing to pay $35. Of course, you have to answer very specific questions that reasonably only you should know. No, not just things like your name and SSAN. But dates and times accounts were opened or closed. Addresses you might have lived at. And so on. It is considered a legally sufficient effort to establish your identity.
Currently, the law allows customers free access to their credit report from a credit reporting agency, but only if they have been turned down for credit, turned down for employment, etc., because of data contained in the report. There are also other convoluted ways to obtain a free credit report. Why should banks, employers, and other financial institutions be able to have access to your credit report virtually at will, when you - the consumer; the very person on whom the data is collected - cannot easily or inexpensively get routine access to your own reports??
The government's argument is that a consumer is entitled to access these reports for free, once a year. In a normal universe, this would be viewed as a good thing for the consumer, but in this crazy alternate reality some people live in now, it MUST be some kind of a neocon plot.
Be that as it may, many other countries impose legal requirements on credit reporting agencies to make their records available to the individuals concerned, and I see no reason why the US should be an exception.
The US is no exception. We've always had legal requirements surrounding the acquisition of credit reports, and still do. There is a level of muster that must be met for identification, distribution, and security. These reports are ALREADY DELIVERED ONLINE by all three agencies AND third party companies directly to the end customer. The information is already there and easily accessible. Additionally, there will no doubt be tracking to ensure each customer only obtains one report per year.
Is your assertion that now that there is a site that allows customers the right to view one free instance of their credit reports per year, that this system is somehow more prone to a large data collection conspiracy, even though the data has been collected and distributed in the same fashion for years?
I can't believe that this act actually does something GOOD for the consumer - something that customers can already do, but have to pay a virtual arm and leg for - and you twist it around into a conspiracy.
Re:How is this modded up... (Score:3, Insightful)
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 o
Re:presumably because (Score:5, Informative)
Opt Out
888-567-8688
I did this about a year ago and it stopped the offers cold. It's a single-point where you can tell all four credit reporting agencies to stop giving your data to direct marketers.
But don't take my word for it, put the phone number in Google and read all about it.
Re:presumably because (Score:5, Funny)
888-567-8688
888-FAT-GIRL
yea, right. I'm not falling for that one. again
Re:Now my question is.. (Score:2)
Re:Now my question is.. (Score:3, Interesting)
What theses services mostly do is continually monitor your credit status and inform you as things change, this is thier special service.
I would guess that they continue the same routine since most people will not know that you can now get your credit report for free, same as is currently done with the states that already require this.
If it becomes widly know then expect that they will change to advertising it a
Re:Now my question is.. (Score:2)
These services are valuable, make no mistake. They monitor your credit monthly, which for some people can be important. You can get one report free per year, any more and you have to pay. So paying someone who will inform you of changes isn't a bad deal if you need your credit report more than once a year. True most people don't need a report more than once a year, but those people generally didn't sign up for these services before. (well they might have got their one free introductory report, but the
A better question: (Score:5, Funny)
Re: (Score:3, Insightful)
Re:Now my question is.. (Score:2)
Given that its ~your~ data, you should always have free unfettered access.
I think its reasonable though for a charge for instant access over the web. Postal service is the lowest-common denominator for universal access, which should
Re:Now my question is.. (Score:5, Funny)
DC? (Score:2)
Geezuz...
Re:DC? (Score:2)
Re:DC? (Score:2, Insightful)
Question: (Score:2)
Is there someone on the hill whose job it is to make them up?
Re:Question: (Score:4, Insightful)
Re:Question: (Score:4, Insightful)
Re:Question: (Score:3, Interesting)
Re:Question: (Score:3, Interesting)
I'd be willing to bet that the law could be worded such that any credit scoring company willing to partake of the government's big bucks would have to obey, or lose out to another company that will obey.
Now, if you wanted to be prissy about it, libel laws could have been amended to require that the c
Re:Question: (Score:3, Interesting)
Credit card phishing, widescale identity theft, and the number of databases with personal information are increasing in numbers. 1 annual credit report is long overdue.
Re:Question: (Score:3, Funny)
Will you be able to fix errors for free? (Score:3, Informative)
Re:Will you be able to fix errors for free? (Score:5, Insightful)
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.
Re:Will you be able to fix errors for free? (Score:3, Informative)
two of the big three have an online option to dispute. You send them the corrections and they look into it and respond back.
I had on one of them something from some agency that I had no idea what it was ($160), they also had an alias/address of some random guy in California (where I never lived). So I clicked the is not me radio button and wrote in explanation "This company never called me, I don't know who they are and received no contact from them in any form".
I got a reply in 2 wee
my understanding... (Score:2)
this is how 'credit repair' scams work. you can get your credit 'cleaned up' for a certain amount of time if you time everything correctly. also, a certain number of people will not fight small amounts. i would have
Re:Will you be able to fix errors for free? (Score:5, Informative)
Re:Will you be able to fix errors for free? (Score:3, Informative)
(from lowest to highest)
1. Em
US Govt. and a good idea in the same story? (Score:2)
At least if all the relevant details are sent to everyone... I hope this doesn't get back handed to someones cousin to implement, and the data gets out... again...
This is one thing where I hope europe follows suite... and that credit companies are tightly regulated to help the little man... and woman...
In Korea, Only Old People Get Free Annual Credit Reports. Nope, doesn't work.
Re:US Govt. and a good idea in the same story? (Score:2)
For security purposes, www.AnnualCreditReport.com can be accessed by typing the web address "www.annualcreditreport.com", or from links from the Federal Trade Commission (www.ftc.gov), Equifax (www.equifax.com), Experian (www.experian.com) and TransUnion (www.transunion.com) websites.
Wow, they can tell when they're linked-to from
At least if all the relevant details are sent to everyone.
The credit
Re:US Govt. and a good idea in the same story? (Score:2)
Maybe if you pay $500 per month to a cancer treatment center, they'll keep that private because of HIPAA?
Re:US Govt. and a good idea in the same story? (Score:3, Informative)
I don't think there is any EU-wide law on this. In the UK however, you can get your credit reports for a statutory £2 fee and have been able to for some years.
How much did it used to cost in the US?
Is once a year really enough to make a difference? (Score:2, Insightful)
Re:Is once a year really enough to make a differen (Score:4, Informative)
Should I order all my credit file disclosures at one time or space them out over 12 months?
You are entitled to receive one free credit file disclosure every 12 months from each of the nationwide consumer credit reporting companies through the Central Source. It is entirely your choice whether you order all three credit file disclosures at the same time or order one now and others later. The advantage of ordering all three at the same time is that you can compare them. (However, you will not be eligible for another free credit file disclosure from the Central Source for 12 months.) On the other hand, the advantage of ordering one now and others later (for example, one credit file disclosure every four months) is that you can keep track of any changes or new information that may appear on your credit file disclosure. Remember, you are entitled to receive one free credit file disclosure through the Central Source every 12 months from each of the nationwide consumer credit reporting companies - Equifax, Experian and TransUnion - so if you order from only one company today you can still order from the other two companies at a later date.
Re:Is once a year really enough to make a differen (Score:5, Informative)
I recently went through some hassles trying to clear a delinquent account off my credit report. The thing is, this delinquent account was only reported by two of the three agencies. In fact, each of the agencies listed a different current address for me (former military, so I moved a fair amount), as well as slightly different account information.
If you find a discrepancy on your credit report, the first thing you need to get is evidence - preferably in the form of a letter or statement from the company making the negative report. Put that together with a letter giving an explanation of the situation. It's not a bad idea to put your last two addresses in addition to your current address, in notes at the bottom of the letter. Send copies of this to all three agencies (details can be found at their individual websites).
After a week or two processing time, the credit agencies will send you a written reply telling you the results of your challenge. Included with this will be an *updated copy* of your credit report detailing the changes that have been made.
One other thing to keep in mind when working with your credit: feel free to challenge something even if you know it's a legitimate negative item. If you tell the credit companies "No, I didn't bounce that check three years ago.", they have to attempt to contact the bank that claims you did. If that bank does not respond within a set time period (I believe it's 30 days, but I would have to double check), the negative item is wiped off your record.
Finally... bad credit items stay on your report for *SEVEN YEARS*. All you college students keep this in mind. Additionally, a good number of companies are doing credit checks as part of their interview process nowadays. It's also required if you're going to get a security clearance from the US Government.
Transplant
Disclaimer: I am not a credit counselor, nor do I work for any financial institutions. So, double check what I've just said before you take it as fact.
Re:Is once a year really enough to make a differen (Score:3, Interesting)
I suspect also that you are correct - now as it sits you can get a report for $5, (in my state) and then if you want your credit SCORE its another 5 dollars - so very likely they will cleverly market this to say something along the lines of "Your credit report is USELESS without a credit score! for only $
Missing FAQ (Score:2)
Re:Missing FAQ (Score:5, Insightful)
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.
Re:Missing FAQ (Score:2)
One possibility is that someone could set up a convincing front-end that would collect (and save) your personal information then forward you to the business-end of this website like nothing happened. Or charge you for somebody else's free service.
Well (Score:4, Insightful)
Re:Well (Score:2)
My main point still stands though; the scammers will (as usuall) seek to exploit this.
Wonderful! (Score:5, Informative)
Here's their general contact info:
Equifax (800) 685-1111
P.O. Box 740243, Atlanta, GA 30374
Experian (888) 397-3742
P.O. Box 2002, Allen, TX 75013-3742
Trans Union (800) 916-8800
P.O. Box 1000, Chester, PA 19022
Also, if you want to opt-out those pre-approved credit solicitations, you can call (888) 567 8688 or contact the above parties by mail (make sure you reference your name, address, and SSN).
Equifax Inc.
Options
P.O. Box 740123
Atlanta, GA 30374-0123
Experian
Consumer Opt-Out
901 West Bond
Lincoln, NE 68521
Trans Union LLC
Name Removal Option
P.O. Box 97328
Jackson, MS 39288-7328
That being said, you should have been checking your credit once a year or so to make sure there's no mistakes. If you're buying a house in the next year, check now for any mistakes. They can take a looong time to fix.
did anyone who voted this informative check it? (Score:4, Insightful)
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:did anyone who voted this informative check it? (Score:5, Informative)
Equifax contact information [equifax.com]
Experian has the same info [experian.com] that I had to google for, it was not in the main "Contact Us" area.
You make a valid point, however.
In some places you can do this now! (Score:4, Informative)
Privacy, huh? (Score:2, Insightful)
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:Privacy, huh? (Score:2)
As to your second question, your credit data already exists at these places on the web. The big difference is that you don't have to pay for it now.
What does "Free" mean? (Score:2, Flamebait)
So, what does "free" mean? Free from cost? Free from marketing? Free from being spied on?
The link in the story just looks like another phishing scam to me. Nothing about the site says, "No really, we're the official one that's no
Looks like a phishing attempt to me, too... (Score:4, Informative)
The registar is shielded by Domains-by-proxy. There's no reason to do that for a REAL credit check site. Also, there's no SSL certificate.
Transunion puts you through to that site (Score:3, Informative)
This is why Slashdot can't link directly to them but certain companies like Transunion can. If you type in the name of the domain yourself then link scams don't work so a signed SSL isn't an issue.
Also, once I hit the sign up area it went to a secure connection without any warnings. I don't bother with a sign cert for my web-ma
Re:What does "Free" mean? (Score:2)
As a Massachusetts resident, we have been able to get a free annual report for quite some time, which I have been doing for hte past 4-5 years. I have seen no increase in junk mail or telemarketing from it (although we have also had a do not call list before the national one, so that also would block calls).
While it would be nice if you received them automat
Re:What does "Free" mean? (Score:2)
Re:What does "Free" mean? (Score:2)
Where are the links? I've searched three of the sites so far without finding one.
Of course, you can click Back to return and the page will suddenly work, but that's not a link.
Re:What does "Free" mean? (Score:2)
They won't show you your credit score (Score:3, Interesting)
From the FAQ
What is a credit score?
A credit score is a complex mathematical model that evaluates many types of information in a credit file. A credit score is used by a lender to help determine whether a person qualifies for a particular credit card, loan, or service. Most credit scores estimate the risk a company incurs by lending a person money or providing them with a service -- specifically, the likelihood that the person will make payments on time in the next two to three years. G
Re: (Score:2)
Re:What does "Free" mean? (Score:2)
Re: (Score:2)
Score goes down when you request a report. (Score:2)
Re:Score goes down when you request a report. (Score:2)
Re:Score goes down when you request a report. (Score:2)
Re:Score goes down when you request a report. (Score:2, Informative)
I don't think this is quite true. I think that your credit rating is only affected by potential creditors looking at your credit report at your request. The reason it goes down is because most potential creditors will be concerned if you are looking to take on substantial debt in addition to th
Re: (Score:3, Informative)
Not by the consumer it doesn't (Score:2)
This is why people get upset when companies check your credit report without permission. Sometimes your own CC company does this so they can raise your limit. Any rate it's a hit against it.
But don't worry about checking your own credi
However.... (Score:2, Informative)
Re:However.... (Score:2)
NPR ran a story on this a couple of days ago, I think. I was surprised that it didn't hit Slashdot until today.
Privacy policy (Score:3, Interesting)
note - not required to tell you FICO number (Score:3, Interesting)
Experian, TransUnion, or Equifax. the number ranges from around 500 to 850 and could be different from the three sources.
http://www.myfico.com/myFICO/FAQ/FICOScores.asp?f
Re:note - not required to tell you FICO number (Score:2)
Comment removed (Score:4, Insightful)
Grab free online copies of OTHERS' credit reports? (Score:5, Insightful)
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:Grab free online copies of OTHERS' credit repor (Score:2)
Re:Grab free online copies of OTHERS' credit repor (Score:5, Informative)
When I requested my credit reports before I got married they asked some questions that even I had problems answering. An example of a few I remember are: You currently have a student loan issued by which of the following banks? Bank A. Bank B. Bank C. None of the Above. Or another was What was the address you lived at when you received credit card XXXX?
These are good questions and I'm sure they've gove through a lot of work try and figure out how to ensure your credit report only goes to the appropriate person. While there are reasons to be leary of the credit reporting industry this is NOT one of them.
Re:Grab free online copies of OTHERS' credit repor (Score:5, Informative)
Start with your SSN, home address, phone number, etc. After authenticating all of that information you will get probably five questions like the following:
In October 2001, a request to open a loan was made by Toyota Financial Services, how much is this payment each month for this loan
A. 200.27 - 224.56
B. 235.57 - 260.01
C. 265.33 - 290.17
D. 315.29 - 327.89
E. I do not have an account with this institution
Now when I go through it, I have to pull my bills to answer all the questions . This is one of the things that the bureaus have been good at in terms of enforcing security by putting these questions to the person requesting their credit file.
Score Is Important, Too (Score:2, Informative)
Not perfect.... (Score:2)
However, the internal workings are still not entirely known. The algorithms for calculating the credit score are guarded like launch codes, and you still have to pay even to see what that code is. Not to mention that the companies are free to use the website as a marketing venue for their other services, as long as they don't impede your ability to get y
Free? (Score:2, Interesting)
Sorry I'm just a little skeptical when I see the word "free" used in such contexts.
Has anyone seen who is actually paying for this? Is it the credit agencies or the tax payers? Hafd dorf sokut timbre busket
Already free in Canada (Score:2)
Once per year isn't a huge cost.
This also helps the credit bureau keep accurate records, which is a benefit to them.
If you have a bad credit rating due to an error, you might choose not to borrow money due to the high cost. This is a lost opportunity for a lender.
Accurate data is good for business.
I just went through the process (Score:5, Informative)
0) The idea is that you give the annualcreditreport.com's site your details, and then go back and forth between there and the three reporting agencies' websites. This worked pretty well. They have an interesting security feature where the site only works if you type the URL directly or the referrer is one of the 3 credit agencies.
1) Experian's site was broken --- it reported an error, but I bet the annualcreditreport.com now thinks I've used up my 1 free report with them anyway.
2) They don't give you your FICO score (the number summarizing your creditworthiness), but offer to sell it to you for 5 or 6 bucks, instead.
3) The sites do basically the same things, but the contrasts in processing and reporting styles between Equifax and TransUnion (Experian he broken, remember) are interesting:
* Equifax asked me a trick security question to verify my identity: "You may have a mortgage from January 2001 -- Which of the following is the monthly payment?" The answer for me was 'None of the above' as I don't have a mortgage from then. But it scared the shit out of me when I saw the question! Talk about identity theft!
* Transunion makes you establish a login name / password / reminder question + email contact, and tries to sneak in a spam newsletter. Equifax doesn't do this.
* Both sites try hard to get you to buy your FICO score.
* Transunion's report presents its information better than Equifax's.
Re:I just went through the process (Score:3, Interesting)
Scary thought: if you did have an error (identity theft, mistake, whatever) then you wouldn't be able to answer that question correctly. Then how would you go about proving yourself to them?
Gives a whole new meaning to "identity theft". I'd always thought of it as someone else copying your identity. But actually, you could lose your identity also. Yikes!
Big deal (Score:5, Interesting)
In Norway, you get a (paper) copy of your credit report every time someone hires a company to make one. It's the law over here. It seems reasonable. You've actually had to pay for getting to know your own credit details? It's kind of funny.
I got mine -- two days ago! (Score:2)
Legitamacy of the Damn Process (Score:2, Interesting)
I don't want a free credit report. I want accountability from three corrupt, incompetent, and powerful corporations.
How generous of the three credit reporting firms that we can see, for free, the information that they collect and profit from. The information that is used not only to decide on whether we can buy a home, but what our car insurance will be, whether we'd make a good employee, whether we can get a security clearance. Now we'll have the obligation to correct the errors made by others, at our
Mostly unnessecary (Score:5, Informative)
If the govt really wanted to do something meaningful, they would stop employers from pulling credit reports for employee candidates. It's truly unfair for anonymous HR wankers to evaluate the worth of a candidate based on credit scores, scores that can be ruined by illness, theft, unemployment, or a former spouse. Many talented, hard-working IT professionals have been unemployed for long stretches.
All of this personal information floating around contributes to identity theft as well.
Credit advice (Score:4, Informative)
credit scores used everywhere (Score:4, Informative)
There is a scary practice called "universal default". One bad glitch in one credit account can be used to restrict credit in many other accounts, even though you didnt abuse those accounts.
I doomed now that I turned in my library books late last week !!!
personal copyrights (Score:3, Interesting)
actually you can get it from experian online, free (Score:3, Informative)
in addition to requesting your report over the phone as mandated by law, if you live in one of the required free report states (not the new credit act western states, but CO, GA, MD, MA, NJ, VT), you can view yours instantly online:
http:/www.experian.com/freestate link [experian.com]
Re: (Score:2)
Re: (Score:2)
Re:What does 'taking advantage' mean? (Score:2, Insightful)
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.
Re:What does 'taking advantage' mean? (Score:2)