Credit and Credit Card Informations
!!!! The Fair and Accurate Credit Transactions Act of 2003, or FACTA, was passed by Congress in December 2003 to help consumers monitor their credit ratings and prevent identity theft. This law requires the three major credit reporting agencies or credit bureaus (Experian, Equifax, and Trans Union) to provide every person one free credit report per year. There is absolutely no catch or hidden fees to this program --you can obtain a copy of your credit report from each of the three large credit bureaus absolutely free.
How to Request Your Free Credit Report --- To comply with the FACTA legislation, the three major credit bureaus have jointly set up a website so that the public can order their free credit reports over the Internet. The website is www.annualcreditreport.com. You can also request your free credit reports by calling 1-877-322-8228 or by writing to:
Annual Credit Request Service --- P. O. Box 105281 --- Atlanta, GA 30348-5281 ---
If you don't qualify for free credit reports because you've already requested a free one this year through the FACTA program, find out if you can get a free credit report based on another reason, such as unemployment, identity theft, or credit denial. Why take advantage of the free credit report offer? It is a good idea to check your credit report with each of the three credit bureaus once a year in order to make sure there are no mistakes that are causing you to pay higher interest rates and that no one is using your credit identity to obtain financing or services. There are millions of identity theft victims each year and your odds of becoming a victim are about 1 in 20. You should definitely check all three credit reports a year before applying for a mortgage loan so that you can improve your credit rating as much as possible to save thousands on the purchase of your home and lower your monthly mortgage payment significantly -- a higher FICO credit score can lower your monthly mortgage payment by $200 or more.
