free credit report government mandated
free credit report government mandated
In the United States, the Federal Fair Credit Reporting Act, known as FCRA, mandates that all the consumers in US are entitled to obtain a free credit report every year. The free credit score government had been provided so that consumers could have equitable treatment, prevent theft of their identity and stay informed of all the factors related to their credit score. Previously, consumers had to pay for their credit reports. Only a few states had declared that consumers should be provided with free credit reports. Now, after the implementation of FCRA, free credit score government had become mandatory in the entire nation.
The three major credit reporting agencies in US are by Experian, Equifax, and TransUnion. Special FICO software is used to generate the FICO score of a borrower by the three credit reporting bureaus and this is sold to the lender who wishes to finance that particular consumer. In 2006, these organizations introduced a new credit scoring system, known as VantageScore. This score ranges from 501 to 990 and this differs from the FICO score. The letters A to F are assigned for specific ranges of scores. However, the FICO score is still popular in the United States.
These three agencies had developed a special website from which the consumers could obtain their free credit reports. The website is www.annualcreditreport.com. A telephone number, 877-322-8228 could also be contacted for requesting the free credit report. Even though the three agencies could be contacted directly for getting the free credit report, the free credit score government mandated by FCRA could be obtained only from the website or through that phone number. If a consumer contacts one of the three agencies, he/she might be required to pay for the credit report or make an annual subscription. The consumer would be required to provide the name, full address, the social security number and the date of birth to obtain the free credit score government.
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