Now let's get to Tina's question. The answer is that they're both right! At least for now. Until December, 2003 only Tina's husband was right. Unless you were denied credit or a job because of your credit report you had to pay to get a copy. In most states the CRA could charge up to $9 for your report. A few states required free reports.

The Fair and Accurate Credit Transactions Act (don't you just love the way they name these bills?) also known as FACTA addressed a number of issues relating to credit reports. Among those was the right for every person to get a free copy of their credit report from each CRA once per year. The Federal Trade Commission was instructed to create a framework for doing that.

The FTC proposed a scheduled roll-out that would begin in 13 western states on 12/1/04 and would end with the eastern states on Sept. 1, 2005. So depending on where you live you'll be able to get a free report by fall of 2005.

But, Tina's hubby might be wise to break down and pay for a report now. If they're about to make a major purchase that requires borrowing money (i.e. house or car) they should review their report before looking for financing. Your credit report will have a major affect on whether you get credit and how much you pay for it.

One of the big reasons to check your report is that they can contain inaccurate information. Given the huge number of records that CRAs add to credit reports, it is not surprising that there are errors. Unfortunately, there are many more mistakes than you might expect.

There are two sources for inaccurate information. Data that belongs to someone else could be mistakenly put in your file. Or someone might be using your identity and borrowing money in your name without your knowledge. That's known as 'identity theft'.

The U.S. Public Interest Research Group (USPIRG), conducted surveys that showed that one in four credit reports contained serious errors. Serious enough to deny you credit or a job. Mistakes of some kind were found in 79%.

Experts suggest that you check your credit report at least once a year. To be thorough check all three reports. Under FACTA you'll be able to make one contact and get all three reports. Until then you'll need to contact each CRA individually.

You have the right to have errors corrected. Both the CRA and the company reporting incorrect information are responsible for corrections. Notify both in writing. Explain the error and ask for a correction. If you have documents that support your position send copies with your request. Generally the investigation of your request will be made within 30 days. If you still have trouble contact your state's consumer affairs office.

OK, so how does Tina contact the CRAs? Here's their phone numbers and addresses.

Equifax 800-685-1111
PO Box 740241
Atlanta GA 30374

Experian 888-397-3742
PO Box 2104
Allen TX 75013

TransUnion 800-888-4213
PO Box 1000
Chester PA 19022

Hopefully Tina will find a clean, correct credit report.

About the Author
Gary Foreman is a former financial planner who currently edits The Dollar Stretcher.com website and newsletters. You'll find thousands of articles to help stretch your day and your dollar.

Related Articles: After Bankruptcy Blues | Budgeting When Your Paycheck Varies |Canceling a Credit Card | More Money Articles

Helpful Hints & Tips: 5 Money saving Ideas For Smart Car Owners | 5 Questions To Ask Before Buying Anything Over $20 | 10 Easy Ways To save Your Hard-Earned Dollars | Save On Your Electric Bill, Monitor Usage | More Hints & Tips

Did you enjoy this article? Rate It! | Tell A Friend!

Recommended Reading: One of the most critically important aspects of sound financial planning is the establishment and maintenance of a sound credit rating. But sometimes "things happen" that result in damage to a credit rating. In Your Credit Score: How To Fix, Improve, And Protect the 3-Digit Number That Shapes Your Financial Future, personal finance journalist Liz Pulliam Weston provides the reader with a complete and accessible plan for improving a credit score that has been damaged through error, neglect, or debt load. Readers will learn what a FICO score is and why it's so important to their financial well being both short term and long term. Readers will learn how to lighten debt loads, cut credit card rates, review their credit history, improve their credit rating, save money, and employ a credit rating to their best personal and professional advantage. No personal or community library Money/Finance Management reference collection can be considered comprehensive or up-to-date without the inclusion of Liz Weston's Your Credit Score!