Federal Free Credit Report Law
Congress approved a law that will allow each individual a free credit report from
each of the three credit reporting agencies (CRA) every 12 months. However, if a
person is denied credit, finds errors in their credit reports, or is a suspected victim
of identity theft, they are still allowed a free credit report in addition to this new
law.
In June 2004, the Federal Trade Commission announced the final rule, which
provides for a gradual, structured roll-out of the centralized source of these
reports. The centralized source will become available in cumulative stages, over
a period of nine months, rolling-out from west to east beginning December 1,
2004. The entire transition will be complete by Sept. 1, 2005. Consumers will
become eligible on the following schedule:
Western states (Alaska, Arizona, California, Colorado, Hawaii, Idaho,
Montana, Nevada, New Mexico, Oregon, Utah, Washington, and
Wyoming) will become eligible on December 1, 2004;
Midwestern states (Illinois, Indiana, Iowa, Kansas, Michigan,
Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota,
and Wisconsin) will become eligible on March 1, 2005;
Southern states (Alabama, Arkansas, Florida, Georgia, Kentucky,
Louisiana, Mississippi, Oklahoma, South Carolina, Tennessee, and
Texas ) will become eligible on June 1, 2005;
Eastern states (Connecticut, Delaware, District of Columbia, Maine,
Maryland, Massachusetts, New Hampshire, New Jersey, New York,
North Carolina, Pennsylvania, Rhode Island, Vermont, Virginia, and
West Virginia), Puerto Rico, and all U.S. territories will become eligible
on September 1, 2005.
The roll-out of the centralized source is cumulative, so once a consumer
becomes eligible to obtain a free report, they stay eligible and may request their
report at any time, as long as it is not more often than once in any 12-month
period. For example, Californians become eligible on Dec. 1 2004. A California
consumer can choose to wait to obtain their report unt