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SAN DIEGO, CA - The arrival of free credit
reports on December 1st is getting a lot of attention
these days. (www.ftc.gov/bcp/conline/pubs/credit/freereports.htm)
But there is another kind of report, called "specialty
consumer reports," that individuals can obtain at no
charge beginning on the first of the month.
The federal law that requires credit reporting bureaus to
provide free reports is the Fair and Accurate Credit
Transactions Act, also known as FACTA. The law also gives
consumers the right to one free report prepared by a
"nationwide specialty consumer reporting agency" that
compiles files on consumers relating to:
-- Medical records or payments (for example, the MIB
report)
-- Residential or tenant history. (for example, the UD
Registry)
-- Check writing history (for example ChexSystems)
-- Employment history. (for example, background checks
provided by Choicepoint)
-- Insurance claims. (for example, CLUE)
Access to a "specialty" report is available December 1,
2004, for all consumers nationwide. This is not subject to
the same phase-in schedule that applies to credit reports.
FTC regulations (www.ftc.gov/os/2004/06/040624factafreeannualfrn.pdf)
require companies that prepare reports on consumers for
employment, insurance claims, rental, check writing, and
medical records history, as a minimum, to establish a toll
free telephone number for ordering free file disclosures.
Specialty reporting companies may also
provide information on a web site.
Not everyone has a need to obtain every free specialty
report. Consumers should order a "specialty" report before
shopping for new homeowners or automobile insurance,
opening a new checking account, applying for private
health or life insurance, or renting a home or apartment.
Job applicants who have consistently been turned down for
a job can also benefit from this new FACTA right.
Employers, landlords, insurance companies and banks that
use specialty consumer reports are obligated to give
consumers a free report if services are denied. However,
the new FACTA provision gives consumers the chance to get
their file free directly from the companies that prepare
these specialty reports.
Consumers who find errors in a "specialty" report have the
same rights to dispute as with errors found in a credit
report.
The Privacy Rights Clearinghouse is a nonprofit consumer
information and advocacy organization based in San Diego,
CA.
http://www.privacyrights.org
RESOURCES:
Free credit reports web site and phone number, shared by
Equifax, Experian and TransUnion:
http://www.annualcreditreport.com or call 877-322-8228
Federal Trade Commission information on free credit
reports:
http://www.ftc.gov/bcp/conline/pubs/credit/freereports.htm
PRC information on specialty consumer reports:
CLUE (insurance):
http://www.privacyrights.org/fs/fs26-CLUE.htm
MIB (medical):
http://www.privacyrights.org/fs/fs8-med.htm
Employment background checks:
http://www.privacyrights.org/fs/fs16-bck.htm
For more information on FACTA,
http://www.privacyrights.org/fs/fs6a-facta.htm
Contact:
Beth Givens (619) 298-3396
Privacy Rights Clearinghouse
mailto:bgivens@privacyrights.org
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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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