Feature article from the March, 2005 Newsletter
You may have heard news reports about the new federal law that will allow people to obtain a free credit report once
a year from each of the three largest credit reporting bureaus (they're called "bureaus" but they are not part of the
government; they are private companies). The effects of the federal law will not reach the east coast until September
of 2005. However, under a New Jersey law that has been in effect for several years, "The New Jersey Fair Credit
Reporting Act", residents of New Jersey already have that right.
Why should you review your credit reports? To check their accuracy. Erroneous information in a credit report could prevent you from obtaining a new credit card, or from getting a home equity loan, or obtaining financing for other purposes. Your children's credit reports could have the same consequences and could also cause them to be denied a desired job. And since credit reporting companies do not verify items sent to them for inclusion in their reports, many reports include inaccurate, obsolete or downright false information.
People should review their credit reports on a regular basis and correct mistakes immediately. The reports can be ordered either over the telephone or via the reporting companies' Web sites. The contact information is given below: