New Visitors Privacy Policy Sponsorship Contact Us Media
Baby Boomers Family Green Home and Auto In Critical Condition Just Starting Out Lifestyle Money
- advertisement -
News & Advice Compare Rates Calculators
Rate Alerts  |  Glossary  |  Help
Mortgage Home
Auto CDs &
Retirement Checking &
Taxes Personal

Law provides free credit scores, but not yet

Want one of those free credit reports you've heard about? Well, you'll have to wait.

The Fair and Accurate Credit Transactions Act, signed into law on Dec. 4, 2003, gives every American the right to a free credit report every year from each of the three major credit bureaus -- Equifax, Experian and TransUnion.

- advertisement -

But most major provisions in the sprawling new law, which carves national credit reporting standards into stone and beefs up consumer protections against identity theft, won't take effect for quite a while.

And that includes those much sought-after freebie credit reports.

Under the law, the Federal Trade Commission has six months to write the regulations for distributing free credit reports and credit bureaus have another six months to comply with the new rules.

If all goes well, by the end of 2004, you'll be able to get those free credit reports.

Until then, unless you live in the handful of states that offer free credit reports, you'll need to pay as much as $9 to take a gander at your credit record.

For more on credit reports and a chart listing states that offer free credit reports, check out this article from

There's a lot more to the Fair and Accurate Credit Transactions Act than free credit reports. Regulators have proposed an effective date of Dec. 1, 2004, for several sections of the new law. The actual effective dates for these sections must be finalized by Feb. 4, 2004.

Here's a quick summary of other key provisions and consumer protections in the new law.

Uniform credit standards
In 1996, Congress set uniform national standards on credit reporting. These standards set clear rules on what credit agencies could include in consumer credit reports. The new law made these standards permanent.

Safeguarding receipts
To help ward off identity theft, retailers must hide credit card and debit card information on customer receipts. Only the last five digits of a card number will be listed.

As of Jan. 1, 2005, all new cash registers and point-of-sale terminals must print these safeguarded receipts. Merchants have until Dec. 4, 2006, to phase out any existing registers or terminals that print full account numbers on receipts.


-- Posted: Jan 9, 2004




Looking for more stories like this? We'll send them directly to you!'s corrections policy
Print   E-mail

Credit Cards
Compare weekly rates
Type Fixed Variable
Standard 13.23% 14.86%
Platinum 12.70% 15.98%
All 13.02% 15.68%

  Loan calculator (includes amortization schedule)  
  See your FICO score range -- free  
  What will it take to pay off your credit card?  

Credit Card Basics
Don't get trapped by card debt. Learn to use it wisely.
How to find the best card
Check your credit report
Finance charges explained
How to ask for a lower rate
Improve credit with a card
How to repair your credit

Banking glossary  
News archive  
Keep an eye on the leading rates  
Find a high-yielding CD

- advertisement -

- advertisement -

About Bankrate | Privacy Policy/Your California Privacy Rights | Online Media Kit | Partnerships | Investor Relations | Press Room | Contact Us | Sitemap
NYSE: RATE | RSS Feeds |

* Mortgage rate may include points. See rate tables for details. Click here.
* To see the definition of overnight averages click here. ®, Copyright © 2015 Bankrate, Inc., All Rights Reserved, Terms of Use.