Annual Credit Report

The Federal Trade Commission has issued its final rule regarding free annual credit report under the Fair and Accurate Credit Transactions Act (FACTA) and the Fair Credit Reporting Act (FCRA). FACTA, which was enacted on December 4, 2003, amends the FCRA and requires, among other things, that the three nationwide consumer reporting agencies (CRAs) – Equifax, Experian, and Trans Union – provide to consumers, upon request, a free copy of their credit report (annual credit report) once every 12 months.


Credit management is vital to having healthy credit. Consumers should review their free annual credit report once a year for errors or identity theft. At one time the Public Interest Research Group conducted a study and found that up to 70% of the annual credit reports checked, contained errors! It is up to you to check and manage your credit. Not checking your annual credit report is very risky! Don't be left in the dark when it's time to apply for a mortgage or car loan. Most lenders now rely on credit scores over 700 to give you the best rates. If your annual credit report is inaccurate, negative or obsolete- you'll pay more.

We recommend checking your free annual credit reports at least twice a year to ensure that it is accurate and up to date. Negative, inaccurate annual credit reports could cost you in the form of higher interest rates, and declined credit card offers. What's more, identity theft, the largest growing crime in America, could be detected early simply by checking your free annual credit reports more often.