If you're looking for information about your credit score, you've probably heard of something called "the FACT Act." The FACT Act, which stands for Fair and Accurate Credit Transactions Act, was signed into law in 2003. It is a revision of the Fair Credit Reporting Act.
Basically, the FACT Act allows consumers to get one free credit report from each of the three national credit bureaus every 12 months. The three national credit bureaus are Experian, Equifax, and TransUnion. Some consumers prefer to review reports from all three bureaus at the same time, while others prefer to order a credit report every four months from a different bureau.
Since the FACT Act was signed into law, many people have taken advantage of their rights to review information on their credit reports every year. The law required the three credit reporting companies to establish a central source for obtaining credit reports. You can find more information about the FACT Act by calling 877-FACTACT.
The only way to know if your credit report contains errors is to check your report periodically. If you're planning on applying for a loan in the future, it's also a good idea to obtain your current credit score. There are things you can do to improve your credit score before you apply for a home loan or request financing for a large purchase. In addition to requesting a credit report, many consumers take part in credit monitoring services to track changes to their credit report and to help protect them from identity theft. For more FACT Act information, please continue to browse CreditReport.com.