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Free credit reports now open to NMI consumers
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Posted on Sep 01 2005
CNMI consumers may now request and obtain a free copy of their credit report, either online, over the phone, or via regular mail, pursuant to the Fair and Accurate Transaction Act.
According to the Attorney General’s Office, a federal law passed in December 2003 finally took effect yesterday in the CNMI, making this service available to the islands’ consumers.
The CNMI was in the last geographic section of the country to be covered by the rolling release of the free annual reports.
The AGO urges all consumers to check their credit history on a regular basis to protect themselves from misreporting or potential instances of identity theft. The credit report contains important information that creditors use to determine whether or not to extend credit, and the appropriate rate of interest. Information contained in the free credit report includes:
* the identity, dates and balance of each account taken out under a consumer’s name;
* the consumer’s payment history under each account;
* whether or not the account is in good standing;
* the date and identity of each entity that has requested a consumer’s credit history;
* personal identifiers, such as social security number, addresses and phone numbers associated with each consumer’s account;
* methods for disputing items in the report.
The website to visit is www.AnnualCreditReport.com. The site is maintained by the three credit bureaus—Equifax, Experian and Trans Union. Consumers can also call a toll free number, 1-877-322-8228, to get their report, or they can send for it via regular U.S. mail.
Consumers are entitled to one free credit report from each company per year. Thus, consumers are advised to stagger their requests among each of the three companies every 3 to 4 months in order to receive a continuous stream of information.
The AGO also cautions consumers to be aware of confusing or misleading websites with similar-sounding names. For example, services like FreeCreditReport.com are not, in fact, free. (PR)
