Robbins: New Law Makes Free Credit Reports Available

Harrisburg -- Consumers can now obtain a free copy of their credit reports from each of the nation's three major credit reporting agencies under a new federal law, state Senator Bob Robbins (R-50) said today.

Robbins said the federal Fair and Accurate Credit Transaction Act (FACT Act) took effect Sept. 1st. The new law permits consumers to receive one free credit report per year from Equifax, TransUnion and Experian.

"Credit reports could contain errors that negatively impact your access to loans or the interest rates you're paying," said Robbins. "Reviewing your credit report can help protect against these errors and reveal any unwarranted charges that may be the result of identity theft. I think a lot of people will want to take advantage of this new law."

It's been estimated that one in four credit reports contain serious errors that could result in the denial of credit, employment or insurance, said Robbins.

The Federal Trade Commission (FTC) recommends that consumers not request reports from all three agencies at the same time unless they are already victims of identity theft. The FTC urges consumers to apply for the free reports once every four months to enable them to check their credit for errors or irregularities throughout the year.

Consumers may request their free reports online at www.annualcreditreport.com or they may call toll free (877) 322-8228. They may also send a request by mail to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. Consumers are urged to be wary of companies with similar sounding names that may require a purchase in exchange for the free credit report or ones that make offers to repair damaged credit. If consumers are not certain a credit-reporting agency is legitimate, or they believe they are a victim of identity theft, they should contact the FTC at www.ftc.gov.

"Identity theft costs American consumers more than $5 billion annually, and more than 7,500 Pennsylvanians were victims of identity theft last year," said Robbins. "One way to fight back is keeping an eye on your credit report, and this law allows you to do that."

Congress passed FACTA in December 2003 and the regional rollout began on the west coast last December. This month, Pennsylvania joined 13 other eastern states, Washington D.C. and the U.S. territories to complete the nationwide implementation.

CONTACT: Mike Hengst (717) 787-1322