PRESIDENT BUSH SIGNS FREE CREDIT REPORT LAW

December 23, 2003

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On December 5 President Bush signed HR 2622, permanently renewing portions of the Fair Credit Reporting Act due to sunset creating uniform national credit reporting standards and targeting identify theft.

Among the important new protections are the right to block information about fraudulent transactions on credit reports and the right to receive one free credit report each year.

Another consequence of the new federal law, is that more consumer-friendly state laws are now SUPERCEDED, so that credit reporting agencies (read: BIG BUCKS) now only have to deal with one set of (more friendly) regulations.

Reality: Don’t get your hopes up immediately for free credit reports; it will likely take months until they are actually available. And, only if you are diligent about your credit, and review your credit report(s) at least annually, and dispute inaccurate information, will you likely ever receive the credit “score” that you deserve. See my “Links” page for web sites that give you important information about credit.