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The FACT Act
Filed under: Lending, Personal Finance, Young Adults, Adults, Retirees
The Fair and Accurate Credit Transactions (FACT) Act signed into law in December 2003 gives all Americans the right to check their credit report annually...for FREE. The FACT Act is designed to reduce fraud and identity theft by improving the accuracy and integrity of information provided to credit bureaus.
You may request your free annual credit report either by phone at 1-877-322-8228 or online at www.annualcreditreport.com.
When you receive your free credit report, check it right away for mistakes. Make sure all the accounts on the reports are yours. Also check to see if there are any reports of late payments that you disagree with. Finally, look for information about credit cards you have forgotten about and need to officially close.
Having a clean credit report is vital. Negative information in your credit report will lower your credit score, which can be reviewed by lenders, insurers, landlords and even potential employers. A low credit score can cause you to pay higher interest rates, be offered lower credit limits, or even be turned down for a loan.
