Fair and Accurate Credit Transactions Act (FACTA) gives
consumers a free credit report annually, but consumers
won't be able to get them until late in 2004
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"Fair and Accurate Credit Transactions Act (FACTA) gives
consumers a free credit report annually, but consumers
won't be able to get them until late in 2004"

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.financial-education-icfe.org

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..
 

About the ICFE:

The Institute of Consumer Financial Education (ICFE) was founded in 1982 by the late Loren Dunton (creator of the Certified Financial Planner (CFP) designation).  The ICFE is dedicated to helping consumers of all ages to improve their spending, increase savings and use credit more wisely. 
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, which is updated annually. The ICFE 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 was an active partner in the California Student Debt Resource Awareness Project (CASDRAP) which resulted in a new web site: (studentdebthelp.org).  CASDRAP disbanded in 2010, shortly after the web site project was completed.  In 2011 the ICFE assumed the single sponsorship of the (studentdebthelp.org) web site and is now responsible for its content and operation.

The ICFE is also an on-line help for consumers who spend too much.  ICFE's spending help was featured in PARADE Magazine in the Intelligence Report section. The money helps and tips are from the ICFE's Money Instruction Book, our course in personal finance.

Visit the ICFE's other web sites at: www.financial-education-icfe.org and studentdebthelp.org.  Both sites helps consumers and students 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 how to teach children about money. Other ICFE services include: Ask Mr. G,  a free eNews, and an online resource center for students, parents and educators, plus financial education learning tools and a book store.

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: www.financial-education-icfe.org 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 eNews, and an online resource center of financial education learning tools, including videos, books, software and personal finance courses.

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