|
It’s impossible to go online without having some entity trying to sell you a copy of your credit report. Well, why pay for something when you can get for free? According to a recent Federal Trade Commission ruling, the three nationwide consumer reporting agencies-—Equifax, Experian, and TransUnion—-will soon be required to provide to consumers, upon request, a free copy of their credit report once every 12 months.
The FTC published a notice of proposed rulemaking in the Federal Register on March 19, 2004, and accepted comments until April 16, 2004. The commission received more than 2,300 comments from consumers, consumer advocates, elected officials, industry members, and trade associations before issuing its final ruling on the matter. Under the new rule, these credit reporting agencies must establish a “centralized source” for accepting consumer requests for free credit reports, and it must include a dedicated Internet web site, a toll-free telephone number, and a postal address. This new centralized source will be implemented in cumulative stages, over a period of nine months, starting on the West Coast in December 1, 2004, and ending on the East Coast on September 1, 2005. Michigan should be online by March 1, 2005. The final rule is balanced in that it allows consumers access to free credit reports annually, while protecting the credit reporting agencies from the projected barrage of consumer requests. The ruling requires the agencies to develop adequate capacity to accept consumer requests, and limits them to collecting only as much personally identifiable information as necessary to process those requests. It also dutifully limits the use and disclosure of the personally identifiable information they collect. Finally, the agencies will not be allowed to be “in your face” with advertising or marketing that interferes with, detracts from, or undermines the purpose of the centralized source. You may get more details on this topic from the Federal Trade Commission’s web site at www.ftc.gov, or you may phone the FTC toll-free at 1-877-FTC-HELP. As always, you may find reprints of this and hundreds of other helpful consumer articles at the Wealth Academy archives at www.PhillipsHQ.com. Timothy Phillips is a mortgage banker and newspaper columnist. Homebuyers should always consult a professional for guidance specific to their situation.
Only registered users can write comments.
Please login or register. Powered by AkoComment Tweaked Special Edition v.1.4.4 |
