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Free Credit reports available today Date published: 9/1/2005
By Portsia Smith The Free Lance-Star
Starting today, Virginia consumers can get free copies of their credit reports, thanks to a new federal law aimed at tackling identity theft. The Fair and Accurate Credit Transactions Act, signed into law by President George W. Bush in 2003, gives victims an easier way make sure their credit information is correct and hasn't been stolen. It allows consumers to review annually, for free, their credit reports that have been compiled by any of the three major credit bureaus--Equifax, Experian or TransUnion. But do not call the bureaus for a free report. The information is available only through a central clearing house, the Annual Credit Report Request Service. Consumers can order their free credit reports three ways: by visiting annual creditreport.com; calling 877/322-8228; or mailing an Annual Credit Report Request Form to: Annual Credit Report Request Service, Box 105281, Atlanta, Ga. 30348-5281. Jennifer Hogg, a financial specialist for ClearPoint Financial Solutions in downtown Fredericksburg, said credit reports are like report cards that can determine a person's financial future. "Credit reports provide information to lenders, prospective employers, insurance companies and other interested parties about consumer's finances and spending habits," Hogg said. "It is important that consumers know what is contained in their credit reports and that they are accurate, because it could make a difference in their loan rates, insurance rates and their ability to get a job." She said that within the past year, 9.3 million Americans have become victims of identity fraud, and up to 85 percent of those victims didn't know until they were denied credit or received calls from creditors. According to the latest study by the Federal Trade Commission, Virginia ranks 22nd among states in terms of identity-theft victims. That's down from 19th place last year. Richmond was the top city in Virginia, with 373 reported victims. Arizona had the most victims of any state. Virginia is one of the last 14 states in the country affected by the free credit report law. People living on the West Coast were allowed to request a free credit report last December; for those in the Midwest it was March and for those in Southern states it was June. Currently, the cost of the credit reports from the three main credit bureaus ranges from $9.50 to $14.95 each.
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