By
Bonnie Coblentz MISSISSIPPI
STATE -- A credit report can be a useful tool to individuals
trying to put their lives together again after Hurricane
Katrina turned them upside down. Bobbie
Shaffett, family resource management specialist with the
Mississippi State University Extension Service, said a
credit report is a good way to replace lost account and
credit card information if these records were
destroyed. "A
recent amendment to the federal Fair Credit Reporting Act
requires the three nationwide credit reporting agencies to
provide a free credit report upon request once each year,"
Shaffett said. "This makes it easy for many people to
request this document for free to rebuild their
files." Credit
reports list bank, credit card and loan account numbers, and
a variety of other information valuable to
consumers. While
those who lost important financial documents may need a copy
of their credit report to replace data, most people
periodically check their credit report for
mistakes. "Mistakes
in credit reports are very common and can be costly,"
Shaffett said. "Information in your report can decide
whether or not you can get a loan for a home, automobile or
other purchase, and how much you have to pay for the
loan." Mistakes
can take a few weeks or months to correct, so consumers
should not wait until they need a good credit report to
correct any problems. A careful review of a credit report
also can help consumers guard against identity theft by
watching to see that no one is using their credit
fraudulently. Shaffett
said the three credit bureaus have set up a central Web site
and 24-hour telephone number to request the free annual
credit reports. Place orders online at http://www.annualcreditreport.com
or by calling toll free (877) 322-8228. An address is also
available to request credit reports in writing. Consumers
can order all three reports at once or can order one now and
the others later. According
to the Federal Trade Commission's Web site, the
above-referenced Web address is the only authorized online
source for getting a free credit report under federal
law. "The
FTC advises consumers who order their free annual credit
reports online to be sure to correctly spell
'annualcreditreport.com,' or link to it from the FTC's Web
site to avoid being misdirected to other Web site that offer
supposedly free reports, but only with the purchase of other
products," the FTC's Web site states. Those
ordering a credit report will have to provide their name,
address, Social Security number and date of birth. To verify
identity, consumers may be asked to provide some information
that only they would know, such as the amount of a monthly
mortgage payment. "It
is a good idea to request this information from home or from
the most private location you can find so no one else can
see your private information or overhear your conversation,"
Shaffett said. Released:
Sept. 22, 2005
Family,
Youth & Consumer News
Free credit
report can replace
some lost data
Contact: Dr. Bobbie Shaffett, (662) 325-7317
Visit: DAFVM
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Last Modified: Friday, 19-Dec-08 10:29:10
URL: http://msucares.com/news/print/fcenews/fce05/050922credit.html
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