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Monitoring Your Credit Is Easy As 1-2-3!
By: James Dimmitt
Thanks to the FACT(Fair and Accurate Credit Transactions) Act, all U.S.
residents will be allowed one free credit report annually from each of the three
major credit reporting agencies - Equifax, TransUnion, and Experian. This
legislation makes it easy for you to keep an eye on your credit profile
throughout the year easy as 1-2-3.
1) Why should I monitor my credit?
Checking your credit report regularly is a vital step to establishing good
credit, especially if you anticipate making a major purchase such as a car or a
home. If your credit report contains errors, and many do, this could prevent you
from being offered the best credit terms from a lender.
You can also monitor your credit for signs of identity theft. More than 10
million cases of identity theft were reported to the FTC last year alone! (For
steps on how to prevent ID theft, see the free e-book offer at the end of this
article).
2) How do I check my credit report for FREE?
The FACT Act required the three major credit reporting agencies to set up an
internet site where consumers can request their reports at no charge annually.
That site is
http://www.annualcreditreport.com .
The program is being rolled out gradually. As of June 1, 2005, those living in
the Western, Midwest, and Southern states will have access to their reports. If
you live in the Eastern states or a U.S. territory you will have to wait until
September 1, 2005.
For those without internet access, you can contact the agencies toll-free here:
Equifax 1-800-997-2493, Experian 1-800-397-3742, and Trans Union 1-800-888-4213.
3) How do I check my report throughout the year if I only get one report
annually?
The FACT Act lets you request your credit report from EACH agency once per year.
The temptation when you use the site is to check all three reports at the same
time - DON’T.
Instead, check one report from the first agency listed. If you notice any errors
or problems, contact that agency immediately and find out what you have to do to
correct those errors.
Then four months later, check the second agency. Four months after that, check
your report from the third credit reporting agency.
And there you have it - an easy 3-step process that lets you monitor your credit
profile for errors and identity theft throughout the year at no charge to you!
Copyright 2005, http://www.yourfreecreditreportnow.com
About the Author:
© 2005, http://www.yourfreecreditreportnow.com Author: James H. Dimmitt James is
author of “IDENTITY THEFT - How To Avoid Becoming the Next Victim!”, a free
e-book offered for subscribers to his weekly newsletter “To Your Credit”. You
can subscribe, and receive the e-book at no cost, when you visit
http://www.yourfreecreditreportnow.com
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