Daily Egyptian Spring 05
Free credit reports available
Ashley Richardson
Daily Egyptian
In an effort to combat identity theft, consumers living in Illinois will be able to obtain one free copy of their credit report a year from each of the three major national credit bureaus.
In 2003, as a reaction to the rising problem of identity theft, Congress amended the Fair Credit Reporting Act to include the Fair and Accurate Credit Transactions Act, which provides consumers with the free reports and allows greater opportunity for inaccuracies in credit reports to be corrected. The new law, which takes effect today, also applies to consumers in 11 other Midwestern states including Missouri. The three major credit bureaus are Equifax, Experian and Trans Union. Within a 12-month period, a consumer may obtain one report from each bureau.
Generally credit reports contain personal information such as Social Security numbers, addresses, telephone numbers and birth dates, as well as financial information such as outstanding debt, credit cards, student loans, mortgages, lien and bankruptcy information. The information contained in credit reports may vary from company to company depending on the source of the information. Credit companies like Equifax, Experian and Trans Union sell this information to creditors, insurers, employers and other businesses that use the information to determine a consumers credit eligibility.
According to the Federal Trade Commission's Web site, when obtaining a credit report, there are several things a consumer should look for that may be indicators for identity theft. These include multiple mailing addresses, improper name spellings and unfamiliar companies inquiring about your credit. More than one mailing address may be a red flag that someone is using your information but having bills sent to a different address.
Misspelled names and missing accounts could mean fraud. In this type of situation, there is more than likely another report with your correct information. Additionally, if creditors with whom you have not applied for credit appear on your report, this could mean someone else has applied for credit in your name. Errors found in credit reports should be directed, in writing, to the company from which the report was obtained.
Rachel Gartner, a senior from Christopher in radio-television, said she has always had concerns about identity theft and had her Social Security number removed from her driver's license because of those concerns. "If you set your wallet down and someone gets a hold of that information, you're just out of luck," Gartner said. Gartner said although she was unaware of the new law, she will take advantage of the free credit reports.
Under the new law, the company is required to investigate any questionable item or items within 30 days. If a disputed item is changed as a result of an investigation, the credit reporting company must provide a new credit report and cannot put the information back into a consumers file. Gartner said she was also happy to see the University allow students the opportunity to get student IDs without Social Security numbers.
In February, SIU administrators, in direct response to DAILY EGYPTIAN reports and raised student concerns about identity theft, announced the availability, free of charge, of student ID cards without Social Security numbers. SIU Police Director Todd Sigler said in addition to checking credit reports, it is important for consumers to keep a close watch on their monthly bills.
"It's more than just checking it once a year," Sigler said. "You also have to keep tabs on what's happening from month to month." The Federal Trade Commission slowly began phasing in the program last year beginning with the Western states Dec. 1. Consumers in the Southern states will qualify for the program beginning June 1 and consumers in the Eastern states beginning Sept. 1.
Prior to the Fair and Accurate Credit Transactions Act, only one federal law existed in regards to identity theft. That law, passed in 1998, made identity theft a felony and required the commission to monitor the crime. Credit reports ordered online are immediately accessible. Reports ordered over the telephone or by mail are mailed within 15 days.
To order your free credit report, visit www.annualcreditreport.com. A free credit report request form can also be printed at www.ftc.gov/credit.
Last update: Tuesday, March 1, 2005 at 3:21:09 AM
Copyright 2009 Daily Egyptian Spring 05