The Federal Trade Commission today announced the three nationwide consumer reporting companies – Equifax, Experian, and TransUnion – will begin processing consumers' requests today for free annual credit reports at www.annualcreditreport.com. A credit report contains consumers' identification information; payment history with different creditors; a list of inquiries made by various financial institutions; and information on the public record, such as foreclosures or bankruptcies. Consumer reporting companies collect and sell this information to lenders and other businesses that have a permissible purpose to obtain it. The Fair and Accurate Credit Transactions Act of 2003 amends the Fair Credit Reporting Act and requires the nationwide credit bureaus to provide consumers, upo...
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