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FACT Act (Fair And Accurate Credit Transactions Act)

Categories: Finance,

Designed to help consumers check their credit reports for accuracy and detect identity theft early, the FACT Act gives every consumer the right to request a free report from each of the three major credit bureaus - Equifax, Experian, and TransUnion - once a year.To obtain your free reports, you must request them through the Annual credit report Request Service (www.annualcreditreport.com or 877-322-8228). If you request your credit report directly from one of the three credit reporting agencies or through another service, you'll pay a fee.Most experts recommend staggering your requests for the free reports - for instance, ordering one in January, the second in May, and the third in September - so that you can keep an eye on your credit throughout the year.It's also a good idea to check your report at least two months before you anticipate applying for a major loan or a job, so you can notify the credit bureau if you find any inaccuracies.You're also entitled to a free report directly from the credit reporting bureaus if you've recently been denied credit, have been turned down for a job, are on public assistance, or have reason to suspect that you're a victim of credit fraud or identity theft.