Credit News:
Free Reports Do NOT Include Scores
Posted: 09/28/06 Unfortunately, the new FREE Credit Reports do not include Credit Scores. You have to pay extra for these. So, if you know you need to improve your scores or if you want to watch your reports for incorrect reporting by the Agencies, do ask for your Free Reports. If you've been denied credit due to your credit reports, you also have the right to request a Free Credit Report
The only official place to order your Free Credit Reports is here: AnnualCreditReport.Com. There are other sites, but this is the Official site licensed by the Federal Government to provide this service. Already there has been abuse by companies charging for these services that are, by law, suppose to be free.
Otherwise, if you want to know your scores from the top credit reporting agencies you will have to have your report ordered by a Broker or Lender. You may order your reports at this site for an individual is $11.00 or $17.00 for a couple (married or partner status) - if there are 2 or more unrelated borrowers, order an individual report for each person. Click here to order your Mortgage Credit Report.
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Free Yearly Credit Reports
FTC caves to the Chicken Little, "Can't Do" credit
bureaus -- rolls out free credit reports at glacial pace, with privacy invasions.
Posted June 4, 2004 Public Interest Research Group (PIRG) has worked for 15 years to
improve the accuracy of credit reports, prevent identity theft and gain all consumers the right to a free credit
report on request. But consumers in
much of the country will need to wait another year or more to get their free reports, because the FTC listened to the
Chicken-Little "can't-do" philosophy of the credit bureaus. We are disappointed that the FTC didn't provide faster free
reports, and didn't provide them with a privacy guarantee. While the
FTC rule purports to protect privacy, it
really does not, since if a consumer obtains any other product than a free credit report, information collected can be
used for other purposes. The FACT Act allows consumers to get free reports from all three bureaus with one call to a
central source, but the FTC rule will also allow marketing and up selling to other, more expensive and unnecessary
products (credit monitoring, etc) on that central source. That's wrong. The new free reports will be rolled out
excruciatingly slowly. In December 2004, consumers on the west coast gain access to one-stop shopping for free reports
at the Congressionally-mandated centralized source for all three national credit bureaus, followed by consumers in the
midwestern band of states in March 2005. Consumers in the next (southern) band of states must wait until June 2005 and
consumers on the East coast won't get reports free until September 2005. However, 5 of the 7 states that already allow
free reports are in the East coast band (Massachusetts, Maine, Maryland New Jersey, Vermont-- the others are Georgia
(southern) and Colorado (western).
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Federal Reserve Board Requesting Comments on Adequacy of Investigations of
Disputed Consumer Information
The Federal Reserve Board on August 5, 2004 announced that
it is conducting a study on the adequacy of investigations of disputed consumer information reported to consumer
reporting agencies. In connection with the study, the Board is soliciting public comment on issues that will assist in
the preparation of the study. The Fair and Accurate Credit
Transactions Act of 2003 (FACT Act), which generally amends the Fair Credit Reporting Act (FCRA), requires the Board
and the Federal Trade Commission to conduct a joint study of the extent to which consumer reporting agencies and
furnishers of information to consumer reporting agencies comply with certain FCRA requirements.
The study will focus on: 1) the prompt investigation of disputed information; 2) the completeness of information
reported to consumer reporting agencies; and 3) the prompt correction or deletion of any information that cannot be
verified. The FACT Act also requires that the study, which
must be submitted to Congress by December 4, 2004, include recommendations for appropriate legislative and regulatory
action. The Federal Register Notice of Study and Request for Information is
here.
Comments were due by September 17, 2004.
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Who is PIRG?
U.S. Public Interest Research Group (PIRG) was created in 1983 to act as watchdog for the public
interest and has worked to safeguard the public interest in state capitals since 1971 through grassroots power to
influence the national policy debate.
Learn more at their site.
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Page Updated: 07/31/2007 |
