The Government has instructed the three rating agencies to provide a free credit report to all consumers once a year.
Transunion, Equifax and Experian, the three main rating agencies, were instructed to allow all users to view their own credit report for free and without a charge to the consumer. One report can be requested at any time from one of the agencies and the three may be spaced over time.
This is one of the best ways for consumers to verify their ID and whether it has been compromised and it will not cost the consumer a dime.
In these times of compromised and lost personal data over the internet and whereby some credit card companies offer a similar service against an annual fee, this new mandate of a free credit report is a victory for the American consumer. The requests for free credit reports may be submitted online and can be viewed immediately upon authentication of the user’s profile. Requests may also be submitted by phone or regular mail and will take approximately 15 days to process.
More information about the new regulation may be found on FTC.org. The regulation takes effect immediately.
Written by Nick Doms
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