Your Money: Credit reports important Georgia, U.S. laws make it possible to keep track
From the May 22, 2005 edition, The Atlanta Journal - Constitution, Business section, page F 6
By Hank Ezell
As of June 1, Georgians will be entitled under federal law to free copies of their credit reports, once a year, from each of the three major credit reporting companies.
But you can do better. Under Georgia law, you can get two free reports each year from each company.
In an era of increasing fear about identity theft, that's a big deal.
Experts, government agencies and companies urge consumers to keep a close check on their credit reports. It's a way of spotting not- so-funny business, like fake credit cards or excessive charges to existing accounts.
The trick is to spread your inquiries, especially the freebies, through the year. For example, under the federal law, you can order a free report from Equifax on June 1, one from Experian four months later and one from TransUnion another four months after that.
Under the Georgia law, if you spread them out, you can get a free report every two months.
Until recently, all three credit trackers have made it hard to do. Equifax recently straightened the path on its Web site.
So far this year, major leaks of consumer information have occurred or been threatened at Alpharetta-based ChoicePoint, DSW Shoe Warehouse, Polo Ralph Lauren, LexisNexis and BJ's Wholesale Club.
Earlier this month, Wachovia and Bank of America told thousands of customers that they may have been victimized by a theft of financial records. Each bank provided affected customers with access to credit reporting services, among other things.
Also this month, Georgia motorists were advised to monitor their credit reports after a state employee was discovered downloading driver's license information to his home computers.
Under the federal Fair and Accurate Credit Transactions Act, getting copies of credit reports is straightforward. On the Internet, go to www.annualcreditreport.com . You'll have to provide your Social Security number and other vital information, so make sure you don't stumble into a look-alike Web site.
Taking advantage of the Georgia law is not so easy. Even at www.equifax.com, the most straightforward of the Big Three, pitches for paid services are a lot more prominent than the words "FREE Annual Credit Report." (Click on that, then on "Learn More," and read your way down to the appropriate instructions.)
By contrast, the pathways through www.experian.com and www.transunion.com are implausibly difficult.
Here's the routine with Experian: Scroll down to the "Ask Max" section on the left side of www.experian.com. Click on "Read the latest column." Click on the arrows of the drop-down box labeled "Common topics list," then scroll down and click on "Ordering a credit report." The instructions, including a phone number to call, are about two or three screenloads down. They are not easy to fathom; read "U.S. mail delivery" and "State mandated fees."
Why is it so hard? "I don't have a good answer," said Experian spokesman Rod Griffin. "It would be nice if you could put everything right on the front. Unfortunately it's not possible to do that. I don't have a better answer than that."
The TransUnion pathway has similar obstructions.
Note that you are entitled to free credit reports --- not credit scores.
A credit report contains a mother lode of data about your borrowing. A credit score is a three-digit number intended to boil down all that information and give future lenders an idea about how likely you are to pay your debts.
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ORDERING BY PHONE |
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Equifax: Call 1-800-685-1111. Press 1 to get started. The system will recognize a Georgia address. |
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Experian: Call 1-888-397-3742. You must call from a phone with a Georgia area code. On the Internet, go to experian.com /freestate. |
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TransUnion: Call 1-800-888-4213. Listen to a long introduction, then press 2 and follow the directions. |
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The federal way: www.annualcreditreport.com or call 1-877-322-8228. |
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