FREE CREDIT REPORTS
On September 1, 2005, as a result of an Act passed by Congress, Delaware residents will be eligible to receive a free credit report from all three credit reporting agencies: Equifax, Transunion and Experian. The site created for requesting a free credit report from the three agencies is (www.annualcreditreport.com). You may request your free credit report on line or by calling toll free 877-322-8228. You may also download the free credit report form (requires adobe reader) and mail to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.
A credit report is used by a
lender to help determine whether a person qualifies for a particular credit card, loan, or
service. Credit reporting information is used
by the agencies to provide a score that estimates the risk a company incurs by lending
money or providing a customer with a service. Generally,
the higher the score, the less risk the person represents.
Checking your credit report and evaluating the various components of the
report is an important tool you as a consumer can use to understand your financial history
and improve your score. While the law allows
for one free credit report from each of the three agencies every year, the package does
not include your actual credit score. The free
credit report is important for avoiding identity theft and as a way to check for errors on
your report.
Another question some residents have asked is whether it is better to order all three
credit reports at once or space them out during the year. On the one hand, if you have
never seen your credit report it may be wise to get a look at all three and review for any
errors. On the other hand, if you have seen your report or if your credit is very strong,
you may want to order one report from one agency and then come back in three or four
months and order from another.
One final reminder: asking for a report directly from a credit bureau never hurts your credit score. Each resident in Delaware gets three free credit reports each year at no penalty to your credit score.
Office of the State Bank Commissioner Offers New Brochures and Presentations on Identity Theft
Our new brochure, "Identity Theft Hurts" has answers to many of the questions residents have about credit reports including what is in your credit report and what to do if you find an error in your credit report. Our brochure also covers the issue of identity theft and steps you must take if you are a victim of identity theft. The Office of the State Bank Commissioner also distributes a new brochure from the Federal Trade Commission entitled Stop Think and Click (available in English and Spanish) which highlights seven practices for safe computing. The brochure also focuses on a new web site called onguardonline.gov, which provides practical tips from the federal government and the technology industry to help you be on guard against internet fraud. The Office of the State Bank Commissioner recently released links to the top five web sites consumers can use to fight identity theft.
Our office is partnering with the Delaware Money School and has scheduled over a dozen meetings in the spring of 2006 across the state on identity theft and free credit reports. Residents can register on line or call the money school at 792-1200. If you are interested in setting up a presentation in your neighborhood or school please contact Barbara Clark at 302-739-4235 or barbara.clark@state.de.us.
