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San Diego, CA - Even though
Congress passed the Fair and Accurate Credit Transactions
Act in 2003, some of the new provisions, including those
free annual credit reports, may not take effect until 2005
or beyond. The reason why is the law requires the Federal
Trade Commission (FTC) to complete its rule making process
before all of the new tools are available to consumers.
According to the FTC, once they draft the rules,
procedures and mechanisms to deliver the free credit
reports, then they are put out for a public comment period
of 90 days. Once that aspect is complete the FTC will
draft its final rules and regulations and set an effective
date.
Until that time, consumers will have to continue to use
the methods established under the former Fair Credit
Reporting Act (FCRA) to obtain credit reports. They
include:
Using either an 800 telephone number or the Internet to
order a credit report. Depending on the state where you
reside, the cost of the reports range from free to $9.
Credit reports are FREE under the following conditions:
1) If someone has been denied credit, insurance, an
apartment or employment because of information supplied by
a Credit Reporting Agency (CRA).
2) If a consumer certifies in writing that they're
unemployed and plan to look for a job within 60 days.
3) If a consumer certifies in writing that they're on
welfare.
4) If one’s report is inaccurate because of fraud.
To order credit report(s) call, write or email each of the
three major CRAs.
Equifax, P.O. Box 740241, Atlanta, GA 30374-0241; (800)
685-1111.
(www.equifax.com)
Experian, P.O. Box 2002, Allen, TX 75013; (888-397-3742).
(www.experian.com)
Trans Union, P.O. Box 1000, Chester, PA 19022; (800)
916-8800.
(www.transunion.com)
For help correcting credit file mistakes and free
information about the credit file correction process,
please visit: www.icfe.info.
To receive the same information by mail, please send $1
and a self-addressed, 60 cent stamped envelope to: ICFE,
Credit File Mistakes, PO Box 34070 San Diego, CA
92163-4070..
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About the ICFE:
About the
ICFE:
The Institute of Consumer Financial Education (ICFE), founded in 1982 by the
late Loren Dunton (creator of the “certified financial planner” (CFP)
designation) and it is dedicated to helping consumers of all ages to improve
their spending, increase savings and use credit more wisely. The ICFE trains and
certifies Personal Finance Instructors for its own curriculum. It also trains
and certifies Credit Report Reviewers and Identity Theft Prevention Specialists.
The ICFE is an award winning, nonprofit, consumer education organization that
has helped millions of people through its education programs and resources. It
publishes the Do-It-Yourself Credit File correction Guide, now in its 16th
printing and has distributed over one million “Credit/Debit Card Warning Labels”
and “Credit/Debit Card Sleeves” world wide.
The ICFE became an official partner with the Department of Defense/Financial
Readiness Campaign in June of 2004.
The ICFE is also a partner in the national Jump$tart Coalition for Financial
Literacy and the California Jump$tart chapter. The ICFE staff is also active
with San Diego Saves, an offshoot of America Saves, and the California Student
Debt Resource Awareness Project (CASDRAP) (studentdebthelp.org).
The ICFE’s on-line help for consumers who spend too much was featured in PARADE
Magazine in the Intelligence Report section. The money helps and tips are from
“The Money Instruction Book,” a course in personal finance, positioned to become
among the premier programs in the new bankruptcy and debtor education
initiatives.
The ICFE Web site at:
http://www.icfe.info helps consumers with mending spending, learning about
the proper use of credit, budget and expense guidelines, how to set up and
implement a spending-plan and also how to access financial education courses and
videos and how to teach children about money. Other ICFE services include a free
eNewsletter, and an online resource center of financial education learning
tools, including videos, books, software and personal finance courses.
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