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[Maybe You Don't Wanna Know After all...] Here's How To Get A Free Copy Of Your Credit Report Plus: Why Credit Monitoring Services Make Sense And: What You Need To Know Prior To Valentine's Day
February 5, 2004
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Dear Ben: Can I get one free credit report from the credit agencies? How?
Bob T., via e-mail
Dear Ben: You’re always talking about protecting one’s personal information–yet on your web site you discuss how to a "free" credit report–and the form (to obtain the credit reports) asks for my Social Security Number. How can we in good faith enter our Social Security Number on-line and still be comfortable with the idea they’re not being captured by some "bad guy."
Ruth, via e-mail
Dear Ben: Is it really safe to request a copy of my credit report (and scores) on-line? The thought of having all of my personal information "out there" is rather scary.
Carol, via e-mail
Dear Bob, Ruth and Carol: The first part of my answer is for Bob. The old "turn-down/free report" rule is still very much intact. It means if you’ve been declined an extension of credit, employment or housing based on your credit reports in the last sixty days, you’re entitled to a free report from the agency that provided the damning credit information. I’ve got more about this topic on my website posted here: www.bendover.com/creditreporthelp.asp.
Two months ago President Bush signed into law the Fair and Accurate Credit Transactions Act (FACT), designed to put more teeth into the protections of the (aging) Fair Credit Reporting Act (FCRA). Here’s a rundown of the recent (hopefully positive) changes and how they’re supposed to affect us. FACT will:
– Give consumers one free credit report every year, allowing us to monitor our histories for unauthorized activity–especially activity triggered by identity thieves.
– Force merchants to leave all but the last five digits of a credit card number off of receipts. Consumers continue to carelessly throw away receipts that contain credit card numbers (and frequently, their names and expiration dates).
– Create a national fraud detection system to increase the chances of catching identity thieves. Consumers will (eventually) need to make only one call to trigger a national fraud alert.
– Establish a uniform, nationwide system of fraud alerts for us to place on our credit files. Credit reporting agencies receiving fraud alerts will be forced to follow new guidelines that will insure that future (credit) requests are made by the actual consumer–not an identity thief.
– Allow active duty military personnel to place special alerts on their files when they’re deployed overseas.
– Require regulators to (finally) devise a list of red flag indicators of identity theft, drawn from the patterns and practices of identity thieves.
– Require lenders and the credit reporting bureaus to take action before victims even know their identities have been compromised.
Now to Ruth’s question: The only way you’re ever going to get a copy of your credit report is by giving up your Social Security Number–and other pertinent information to verify your identity–to a legitimate credit reporting agency, or company that specializes in selling credit information or credit monitoring services. Without the 9-digit number, you’ll never get your credit reports...period.
And Carol’s concerns are reasonable: Always make sure you’re using a secure computer connection and encrypted browser before you start punching in delicate personal information, and you should be fine. Still uncomfortable? Call each credit reporting bureau and have a copy mailed to you.
By the way: With all of the viruses and bogus e-mails victimizing thousands of consumers every day, you might want to seriously consider leveraging today’s technology and subscribe to a credit monitoring service. At the very least, you’d better take a look at your current credit report so you can see who’s been checking up on you. I’ve got additional information that’s constantly being updated to reflect the breaking news stories and innovations, posted on my website: www.bendover.com/creditreporthelp.asp.
Dose of Dover For The Week: Just another warning, I mean–reminder–that Valentine’s Day is a week from Saturday–and since it’s the #1 day of the year for marriage proposals, you might want to do a little research before you invest in an engagement ring or other expensive, love-related bauble: www.bendover.com/jewelry.
And in the interest of equal time and a taste of reality, don’t miss next week’s column: "How To Catch A Cheating Spouse"...just in time for Valentine’s Day.
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