December 1, 2004 11:12 AM
Free Credit Reports May Reveal Surprises
Excerpt: According to the Federal Trade Commission, 27 million Americans have been victims of identity theft in the past 5 years. Advocacy groups say it takes an average of one year before a victim discovers the problem. And almost always, the problem is revealed when consumers order a copy of the credit report -- usually after a surprising credit denial. The swelling crisis led to a slate of new consumer rights passed into law last December, included in the Fair and Accurate Credit Transaction Act. The launch of AnnualCreditReport.com is the most obvious new consumer right included in the law. It entitles every American consumer -- about 200 million people -- to a free copy of their credit report each year.
Sylvia Gallow-Vazquez was shocked earlier this year when she applied for a Discover credit card and was denied because of poor credit history. Her credit had been impeccable. She had never been denied a loan before. And she had never even been late on her bills, as far as she could remember.
The Tempe, Ariz. resident was hoping to use the card, which promised zero percent interest for 6 months, to pay for night school. But the denial put a hitch in her plans, and launched her into the maddening world of identity theft and credit reporting.
That kind of surprise credit denial is precisely the motivation for Congressionally-mandated free credit reports, which become available to some consumers beginning Wednesday at AnnualCreditReport.com. Federal law signed by President Bush last December required the nation's three credit bureaus to give consumers free access once a year to their credit report, an essential history of personal loans and other economic activity that's used by banks and other institutions to make lending decisions. Consumers are entitled to a free report once a year from each of three main agencies: Equifax, Experian and Trans Union.
READ FULL STORY ...
Warning On Internet Loans (December 02, 2004)
The Consumer Federation of America has warned borrowers about the costs and risks of using Internet payday loan sites that make relatively small loans to consumers for short periods of time. The non-profit association said Tuesday the loans typically cost $25 per $100 borrowed and ...
High Court Sets Truth In Lending Limit (December 02, 2004)
The Supreme Court ruled Tuesday the federal truth in lending law caps damages at $1,000 for violations of its requirements for consumer loans secured by personal property, such as a motor vehicle. The law instructs lenders to disclose certain information to borrowers and imposes civil ...
Free Credit Reports Coming, With Pitches (November 30, 2004)
Free" may just be another word for something else to buy, at least when it comes to credit reports. Under a federal law passed a year ago, consumers will be entitled, beginning as soon as tomorrow, to a free credit report every year from each ...
Teens Need To Embrace Identity Protection (November 30, 2004)
Experts at the Qwest 2004 Summit on Protecting Teens from Identity Theft found that teens tend to be more careless about sharing personal information, especially on the Internet. So teenagers, here are some tips to help you keep your identity safe: - Be smart online ...
Read all 31 posts in the same category of Credit/Credit Card:
Citigroup Plans Platinum-Card Rival -
Feb 10, 2005
Watch Spending Habits To Keep Debt From Going Bad - Feb 07, 2005
The Downside of Cash Advance Checks - Feb 07, 2005
Cash Is Favored Over Trip In Card Loyalty Plans - Feb 04, 2005
Younger Americans Going Deeper Into Debt - Jan 23, 2005
Capital One Sued Over 'Deceptive' Ads - Jan 01, 2005
Frequent-Flier Cards Delay Fee Collection - Dec 27, 2004
It Pays To Surf For Auto Loans Online - Dec 27, 2004
Perishable Credit Card Numbers Take The Fear Out Of Web Shopping - Dec 27, 2004
American Express, Citi Ink Deal - Dec 26, 2004
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
FACTA & Your Credit - Dec 03, 2004
Warning On Internet Loans - Dec 02, 2004
High Court Sets Truth In Lending Limit - Dec 02, 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
Watch Spending Habits To Keep Debt From Going Bad - Feb 07, 2005
The Downside of Cash Advance Checks - Feb 07, 2005
Cash Is Favored Over Trip In Card Loyalty Plans - Feb 04, 2005
Younger Americans Going Deeper Into Debt - Jan 23, 2005
Capital One Sued Over 'Deceptive' Ads - Jan 01, 2005
Frequent-Flier Cards Delay Fee Collection - Dec 27, 2004
It Pays To Surf For Auto Loans Online - Dec 27, 2004
Perishable Credit Card Numbers Take The Fear Out Of Web Shopping - Dec 27, 2004
American Express, Citi Ink Deal - Dec 26, 2004
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
FACTA & Your Credit - Dec 03, 2004
Warning On Internet Loans - Dec 02, 2004
High Court Sets Truth In Lending Limit - Dec 02, 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
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