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December 3, 2004 03:09 PM

FACTA & Your Credit


Excerpt: The Fair and Accurate Credit Transactions Act (FACTA), which went into effect this week, entitles consumers to access to one free credit report from each of the three major credit unions every year. But experts say getting the info is made difficult, if not impossible, by advertising come-ons and confusing pitches. Here's how to navigate the minefield.


A new federal law that entitles consumers to free credit reports sounds great, but the devil is definitely in the details.

The Fair and Accurate Credit Transactions Act (FACTA), which went into effect this week, entitles consumers to access to one free credit report from each of the three major credit unions every year.

But experts say getting the info is made difficult, if not impossible, by advertising come-ons and confusing pitches. Here's how to navigate the minefield.

1. Be patient.

Okay, here's the catch: it doesn't all happen at once.

As of December 1st, residents of 13 western states will be able to get the free reports. The states are Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, and Wyoming. The rest of us will have to wait.

Beginning March 1, 2005, residents of mid-western states Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, and Wisconsin can get their free paperwork.

On June 1, 2005, southern states Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, Oklahoma, South Carolina, Tennessee, and Texas get the privilege.

Easterners will have to be the most patient. On September 1, 2005 Connecticut, Delaware, District of Columbia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, Vermont, Virginia and West Virginia get their turn -- as do Puerto Rico and all U.S. territories.

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Read all 21 posts in the same category of Credit/Credit Card:

Citigroup Says It Will Issue American Express Cards - Dec 17, 2004
MBNA Pitches Rival Visa Card - Dec 14, 2004
Credit Card Loyalty Put to the Switch Test - Dec 09, 2004
Credit Cards Offer Safety In Buying Online - Dec 06, 2004
How to Deal With Your Debts - Dec 04, 2004
Warning On Internet Loans - Dec 02, 2004
High Court Sets Truth In Lending Limit - Dec 02, 2004
Free Credit Reports May Reveal Surprises - Dec 01, 2004
Free Credit Reports Coming, With Pitches - Nov 30, 2004
Teens Need To Embrace Identity Protection - Nov 30, 2004
What to Do About Your Credit - Nov 29, 2004
A Generation Weighed Down By Debt - Nov 28, 2004
7 Ways to Improve Your Credit Score - Nov 25, 2004
Free Credit Report Details Announced - Nov 25, 2004
One Late Payment Can Hit Finances Hard - Nov 25, 2004
Free Credit Reports Are On The Way - Nov 23, 2004
Card Debt - Nov 22, 2004
Soaring Interest Compounds Credit Card Pain for Millions - Nov 20, 2004
Gas Cutter - Nov 02, 2004
Payment Rates - Nov 02, 2004