6/22/2005
Free Credit Reports
by Kathryn Peacock, Center Director, UAM College of Technology - McGehee SBDC
Before starting or expanding a business, checking your personal credit record is an important step. Correcting mistakes or identity-related issues can seriously delay obtaining the funds needed for your business.
An amendment to the Fair Credit Reporting Act (FCRA) now provides citizens the right to one free credit report per year. Access to this information became available in Arkansas (and 10 other southern states) on June 1, 2005. With three major reporting agencies—Equifax, Experian, TransUnion—you can stagger receipt of a report from each over several months during the year. Note that these free reports will not provide your credit score.
There are many websites that offer a “free credit report” that is tied to a “credit reporting service” costing $60-$130 per year to update you on changes in your report.
You can order your free annual credit report online at http://www.annualcreditreport.com, by calling 877-322-8228, or by completing the Annual Credit Report Request Form at http://www.ftc.gov/bcp/conline/edcams/credit/docs/fact_act_request_form.pdf and mailing it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.
The Federal Trade Commission provides information about “Your Access to Free Credit Reports” at:
http://www.ftc.gov/bcp/conline/pubs/credit/freereports.htm.
For tips on accessing more working capital by collecting debts already on your books, attend Debt Collection, 9:30am-12:30pm, Tuesday, July 26 at the El Dorado Chamber of Commerce. Speaker: Henry Kinslow, Attorney.
Click here to register:
http://asbdc.ualr.edu/training/magnolia.asp