Credit reports need watching
Some sound advice from the Poughkeepsie Journal:
Consumer awareness in New York should increase significantly as free credit reports became available. People would be wise to take advantage of this new service to research their fiscal history.
Credit reports have become critical resources affecting people's lives. Everything from the interest rates received on loans to identity theft can be determined through these documents. Before the 2003 Fair and Accurate Credit Transactions Act, people would typically pay about $10 for a copy of their credit report. Too often, it was only after problems arose.
The idea behind the legislation is noble: encourage people to take a more active role in monitoring their finances. The program has met with success in other parts of the country, where it was introduced last year.
The East Coast, the last part of the country to be phased in, just recently became eligible. The program allows people to receive one annual report from each of the country's three leading credit companies. Experts suggest staggering requests once every four months so ongoing monitoring can occur throughout the year.
Full Article
Consumer awareness in New York should increase significantly as free credit reports became available. People would be wise to take advantage of this new service to research their fiscal history.
Credit reports have become critical resources affecting people's lives. Everything from the interest rates received on loans to identity theft can be determined through these documents. Before the 2003 Fair and Accurate Credit Transactions Act, people would typically pay about $10 for a copy of their credit report. Too often, it was only after problems arose.
The idea behind the legislation is noble: encourage people to take a more active role in monitoring their finances. The program has met with success in other parts of the country, where it was introduced last year.
The East Coast, the last part of the country to be phased in, just recently became eligible. The program allows people to receive one annual report from each of the country's three leading credit companies. Experts suggest staggering requests once every four months so ongoing monitoring can occur throughout the year.
Full Article
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