Rules highlighting credit report access take effect

By Sam Craine on Apr 4th, 2010

Arguably the most important aspect of being able to get a loan is a person's credit score, which helps lenders gauge risk.

Recently, a new rule from the Federal Trade Commission took effect April 2 which should help inform consumers about their rights regarding credit reports. Through the regulation, companies that claim they offer a free credit report will have to disclose that these reports are already free.

The disclaimer these companies will have to include will point consumers to www.AnnualCreditReport.com, a website supported by the government where people can get a free copy of their credit report.

By law, consumers are entitled to one free copy of their credit report from each of the three bureaus every 12 months. The purpose of the rule was to help people avoid being tricked into signing up for unwanted services - such as credit monitoring - in order to get a copy of their report.

Getting a credit report can help consumers in a number of ways. People trying to find access to credit card debt can make sure all of their information is accurate, which may help increase their score.

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