The Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness, and privacy of information in the files of the nation's consumer credit reporting companies. The FTC enforces the FCRA with respect to consumer credit reporting companies. Recent amendments to the FCRA expand consumer rights and place additional requirements on consumer credit reporting companies. Businesses that provide information about consumers to consumer credit reporting companies and businesses that use credit reports also have new responsibilities under the law.
Here are some questions consumers have asked the FTC about consumer credit reports and consumer credit reporting companies, and the answers.
Q. Do I have a right to know what's in my credit report?
A. You have the right to know what's in your credit report, but you have to ask for the information. The consumer credit reporting company must tell you everything in your credit report, and give you a list of everyone who has requested your credit report within the past year - or the past two years if the requests were related to employment.
Q. What type of information do consumer credit reporting companies collect and sell?
A. Consumer credit reporting companies collect and sell four basic types of information:
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Identification and employment information: Your name, birth date, Social Security number, employer, and spouse's name are noted routinely. The consumer credit reporting company also may provide information about your employment history, home ownership, income, and previous address, if a creditor asks.
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Payment history: Your accounts with different creditors are listed, showing how much credit has been extended and whether you've paid on time. Related events, such as the referral of an overdue account to a collection agency, also may be noted.
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Inquiries: Consumer credit reporting companies must maintain a record of all creditors who have asked for your credit history within the past year, and a record of individuals or businesses that have asked for your credit history for employment purposes for the past two years.
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Public record information: Events that are a matter of public record, such as bankruptcies, foreclosures, or tax liens, may appear in your credit report.
Q. Is there a charge for my credit report?
A. Under the Free File Disclosure Rule of the Fair and Accurate Credit Transactions Act (FACT Act), each of the nationwide consumer credit reporting companies — Equifax, Experian, and TransUnion — is required to provide you with a free copy of your credit report once every 12 months, if you ask for it.
These consumer credit reporting companies are phasing in free reports geographically through September 1, 2005. After that, free credit reports will be accessible to all Americans, regardless of where they live.
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Free credit reports have been available to consumers in the Western states — Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, and Wyoming — since December 1, 2004.
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Consumers in the Midwestern states — Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, and Wisconsin — have been able to order free credit reports since March 1, 2005.
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Consumers in the Southern states — Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, Oklahoma, South Carolina, Tennessee, and Texas — have been able to order their free credit reports since June 1, 2005.
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Consumers in the Eastern states — Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, Vermont, Virginia, and West Virginia — the District of Columbia, Puerto Rico, and all U.S. territories can begin ordering their free credit reports September 1, 2005.
Q: How do I order my free credit report?
A: The three nationwide consumer credit reporting companies are using one website, one toll-free telephone number, and one mailing address for consumers to order their free annual credit report. To order, click on www.annualcreditreport.com, call 1-877-322-8228, or complete the Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. You can print the from ftc.gov/credit. Do not contact the three nationwide consumer credit reporting companies individually. You may order your free annual credit reports from each of the consumer credit reporting companies at the same time, or you can order from only one or two. The law allows you to order one free copy of your credit report from each of the nationwide consumer credit reporting companies every 12 months.
Q: What information do I have to provide to get my free credit report?
A: You need to provide your name, address, Social Security number, and date of birth. If you have moved in the last two years, you may have to provide your previous address. To maintain the security of your file, each nationwide consumer credit reporting company may ask you for some information that only you would know, like the amount of your monthly mortgage payment. Each company may ask you for different information because the information each has in your file may come from different sources.
Still, www.annualcreditreport.com is the only authorized online source for your free annual credit report from the three nationwide consumer credit reporting companies. Neither the website nor the companies will call you first to ask for personal information or send you an email asking for personal information. If you get a phone call or an email — or see a pop-up ad — claiming it's from www.annualcreditreport.com (or any of the three nationwide consumer credit reporting companies), it's probably a scam. Don't reply or click on any link in the message. Instead, forward any email that claims to be from www.annualcreditreport.com (or any of the three consumer credit reporting companies) to spam@uce.gov, the FTC's database of deceptive spam.
Q: Are there other situations where I might be eligible for a free credit report?
A: Under federal law, you're entitled to a free credit report if a company takes adverse action against you, such as denying your application for credit, insurance, or employment, and you ask for your credit report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the consumer credit reporting company. You're also entitled to one free credit report a year if you're unemployed and plan to look for a job within 60 days; if you're on welfare; or if your credit report is inaccurate because of fraud, including identity theft. Otherwise, any of the three consumer credit reporting companies may charge you up to $9.50 for another copy of your credit report within a 12-month period.
To buy a copy of your credit report, contact:
Under state law, consumers in Colorado, Georgia, Maine, Maryland, Massachusetts, New Jersey, and Vermont already have free access to their credit reports.
For more information, see Your Access to Free Credit Reports.
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