FTC-mandated free credit reports have begun

[jsw]

I got this from my brother:

http://www.ftc.gov/bcp/conline/pubs/credit/freereports.htm

In essence, those of us in the States can get a free credit report from each of the three providers once a year. The benefit started Dec. 1 in the western states, and rolls over the course of 9 months to include the midwest (March 1, 2005), the south (June 1), and finally those of us in the east on Sept. 1.

 

[molcas&e'sdad]

I had no idea this was happening. You just saved me $30 - as I was about to order one soon. Thanks!

 

[palusami]

i checked out the website a few days ago. the service is a little buggy but i got my FREE reports. very cool!

 

[wdlove]

I saw this on a "Buyer Beware" segment on our local news last evening. Some consumer groups are concerned with the ads posted on the site. The commissioner said that it has no effect on you getting your free report. It was mentioned also about problems on the site, some were having trouble getting their free report. I wonder why they started with the West first. At least when it arrives here Sept. 1st all the bugs will be worked out. It will be a Rev. D arrival.

 

[hcuar]

Great!!! Every stinkin time the Feds get involved, it usually ends up having some company at some time tell me why I'm being charged extra due to a new Federal stipulation that was supposed to "protect" consumers. (Usually the stupid ones at that.)

 

[jxyama]

by the way, the free report will only list your credit histories and statuses. you won't see the credit score that's often used for mortage applications and such...

 

[strider42]

by the way, the free report will only list your credit histories and statuses. you won't see the credit score that's often used for mortage applications and such...

which is fair enough really. FICO scores or other credit scores are devised using formulas devised from third parties. If you want access to those scores (or at least an estimate, FICO I believe keeps the actual scores under wraps so they can sell it to lendors), you can pay the credit agencies directly. This federally mandated credit report access allows you to check for discrepencies and potential fraud occuring on your accounts, which is a very welcome change in my opinion. I never gave them permission to collect info, so they least they can do is let me see that info for free.

 

[Hemingray]

Thanks for the link! I was able to get all three reports.

I had a problem with one of them in Safari, so I had to go access it in Firefox, but the process was pretty painless. Yeah, I was a little bummed about the FICO rating not showing up, but I can't blame 'em. If you want a ballpark estimate, this free calculator seemed to work good:

http://www.bankrate.com/brm/calc/creditcalc/creditcalc.asp

 

[wdlove]

Thanks for the link! I was able to get all three reports.

http://www.bankrate.com/brm/calc/creditcalc/creditcalc.asp

Thank you for the link. I was pleasantly surprised at my high score. Thought that not having a mortgage would hurt me, since I use a Home Equity Credit Line.

Your estimated FICO® score range is: 760 to 810

Congratulations! According to the information you provided, lenders will likely perceive you as having EXCELLENT credit! You should have little problem getting the most favorable loan rates and terms.

 

[Daveman Deluxe]

Hemingray: Thanks for the FICO estimater link. I too was surprised at my credit rating, given I'm a college student. 725--775.

 

[FoxyKaye]

Just got all three reports from the credit agencies - finally! I've always felt that the credit reports should be free; I mean, third parties collecting information about me to that directly impacts my ability to conduct financial transactions without sharing it for free never seemed right. It's kind of like that old addage about being able to write to the FBI and obtain a copy of any file that they have on you under the Freedom of Information Act. It's my right to view my own credit report.

I feel less strong about the FICO scores and such - I think most folks can pretty much estimate what they'll be based on an accurate credit report.

Incidentally, after checking my credit reports I discovered that accounts I had closed with CitiBank/CitiGroup in some cases years ago were still reported as open. So, if you've ever had a card with Citi and closed it, check your report to make sure it's coming up as closed, this information seemed pretty consistently incorrect across all three of my reports.

 

[jxyama]

Just got all three reports from the credit agencies - finally! I've always felt that the credit reports should be free; I mean, third parties collecting information about me to that directly impacts my ability to conduct financial transactions without sharing it for free never seemed right. It's kind of like that old addage about being able to write to the FBI and obtain a copy of any file that they have on you under the Freedom of Information Act. It's my right to view my own credit report.

I feel less strong about the FICO scores and such - I think most folks can pretty much estimate what they'll be based on an accurate credit report.

Incidentally, after checking my credit reports I discovered that accounts I had closed with CitiBank/CitiGroup in some cases years ago were still reported as open. So, if you've ever had a card with Citi and closed it, check your report to make sure it's coming up as closed, this information seemed pretty consistently incorrect across all three of my reports.

i sort of agree and sort of don't agree. they are providing a service... so i don't think i'm "entitled" to a free copy, so to speak. on the other hand, i feel that since they have tremendous influence on our lives, they ought to either guarantee that it'll be completely accurate (probably unrealistic) or that they offer their report for free once in a while to let us check. (which is what's happening now...)

overall, a good thing.