Federal Law mandates that your credit report be made available to you freely on an annual basis. The three credit bureaus, Experian, Equifax and TransUnion all make your annual reports available at their website. You are able to get one free report at a time, but keep in mind your other reports most likely will be reporting data the one you received don’t.
Your credit report and your credit score are different. FairIsaac Corp developed the FICO score, the most commonly used credit score. The FICO score is a number between 350 and 850 that predicted how likely you are to become 90 days late on a loan. You can purchase your FICO score for all three credit bureaus, or just for one, at their website.
As credit scores became more and more important to the everyday person’s life, it became apparent that some laws governing the credit bureaus were needed. The Fair Credit Reporting Act (FCRA) is the law that governs the credit bureaus and protects consumers.
The credit bureaus have a lot of helpful information on their sites about credit, and the ability to purchase reports if you have already received your free report for the year.
To amend the Fair Credit Reporting Act, to prevent identity theft, improve resolution of consumer disputes, improve the accuracy of consumer records, make improvements in the use of, and consumer access to, credit information, and for other purposes.
As a public service, the staff of the Federal Trade Commission (FTC) has prepared the following complete text of the Fair Credit Reporting Act (FCRA), 15 U.S.C. § 1681 et seq. Although staff generally followed the format of the U.S. Code as published by the Government Printing Office, the format of this text does differ in minor ways from the Code (and from West’s U.S. Code Annotated). For example, this version uses FCRA section numbers (§§ 601-625) in the headings. (The relevant U.S. Code citation is included with each section heading and each reference to the FCRA in the text.) Although the staff has made every effort to transcribe the statutory material accurately, this compendium is intended only as a convenience for the public and not a subtitute for the text in the U. S. Code. The Commission’s website (www.ftc.gov) posted this document on June 14, 2008.
As a public service, the staff of the Federal Trade Commission (FTC) has prepared the following complete text of the Fair Debt Collection Practices Act (FDCPA), 15 U.S.C. §§ 1692-1692p.
Consumers have a vital interest in establishing and maintaining their credit worthiness and credit standing in order to obtain and use credit. As a result, consumers who have experienced credit problems may seek assistance from credit repair organizations which offer to improve the credit standing of such consumers.