What Does the FACT Act Do?

hand with the words credit scoreThanks to the FACT Act (Fair and Accurate Credit Transactions Act), you are entitled to one free credit report every year from each of the three major national credit reporting agencies (Equifax, Trans Union, and Experian). (If you also want your credit score, you’ll have to pay a fee.)

Checking your credit report at least annually is very important to your financial well-being – and often overlooked in our busy lives. To obtain your free report, go to www.annualcreditreport.com and follow the instructions.

Erroneous or outdated information in your credit file can cost you money because it lowers your credit scores, so it’s worth the trouble to check your credit. If you find incorrect information, you can contest it and have it corrected. Instructions for doing so can be found on each of the credit reporting agency websites & may be submitted online in most cases.

Be wary of “credit repair” scams. There are reputable firms in the credit repair business, but also many rogue companies that will charge fees and not do anything.

If you’re considering hiring a company to help improve your credit scores, be sure to check them out with the Better Business Bureau and your state’s Attorney General or Consumer Protection office before hiring them.

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