FTC's Final Ruling For A Free Credit Report

Under the Fair and Accurate Credit Transaction Act (FACTA) and the Fair Credit Reporting Act (FCRA), the three major credit bureaus (Equifax, Experian and TransUnion) must provide consumers with a copy of their free credit report once every year. The law will be fully implemented by September 1, 2005.

The schedule is as follows: By December 1, 2004 in the Western states (Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington and Wyoming). By March 1, 2005 in the Midwestern states (Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin). By June 1, 2005 in the Southern states (Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, Oklahoma, South Carolina, Tennessee and Texas). By September 1, 2005 in the Eastern states (Connecticut, Delaware, District of Columbia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia. Including Puerto Rico and all U.S. territories).

Part of this final ruling states that the three major credit bureaus must establish a dedicated internet website, a toll-free phone number and a mailing address for consumer credit report requests.

Credit bureaus must also have the capacity to accept the volume of consumer credit report requests and when requested, the credit bureaus may also only collect as much personal information as is required to process your credit report request. In addition, all credit report request instructions must be in an easy to understand format.

Another very important aspect of this ruling deals with specialty credit bureaus that maintain non-credit file data, such as tenant history, insurance claims, employment history and medical records. If a credit bureau keeps this type of information on file, they must maintain a toll-free phone number and also provide consumers, upon request, with a free copy of their annual credit report.