Floridians, like everyone throughout the United States, have records at the three major credit reporting agencies. TransUnion, Experian and Equifax collect, store and sell personal and financial data. The Federal Trade Commission explains that Americans, including Florida residents, are entitled to review those records regularly at no cost under a federal regulation called the Fair Credit Reporting Act, or FCRA.
Definition
Credit reports are compilations of data that include a person's current and past credit card accounts, outstanding and paid loans, account balances and timeliness of payments, according to the Federal Reserve Bank of San Francisco. They also list actions taken against that person for nonpayment of bills, such as collection agency turnovers and court judgments. Lenders, insurers and employers make decisions about potential clients and employees based on these reports, which they purchase from the agencies.
Purpose
Credit reports may contain mistakes and signs of identity theft, such as delinquent loans and credit card accounts opened by a criminal. This can result in denied credit and insurance applications and rejection by potential employers. The Office of the Florida Attorney General explains that Floridians can catch such problems early through regular report reviews. The Fair Credit Reporting Act spells out a way to dispute mistakes, according to the Federal Trade Commission. Consumers can contact banks and other lenders to check the legitimacy of unfamiliar accounts.
Process
The FTC says the free credit reports mandated under the FCRA can only be ordered through Annual Credit Report. The website asks users to select their state. Floridians choose the appropriate response from the drop-down box, then fill out the form that asks for name, current and previous addresses, birth date and Social Security number. Next is an option to select a report from one, two or all three credit bureaus. Each selected bureau has its own identity verification questions before it provides a report.
Time Frame
Free credit reports from Annual Credit Report are available once each year, according to the FTC. Consumers can order the three reports together or spread them out over the entire year. For example, some request a report from one credit bureau every four months and repeat that process annually, according to the Wall Street Journal.
Warning
The Office of the Attorney General of Florida warns that some companies promise free credit reports but force individuals to pay for credit monitoring or other services to get the promised information. Sites that require consumers to make a purchase or sign up for a trial membership in exchange for a credit report must prominently post information on how to get truly free reports from Annual Credit Report, according to the FTC. Misleading sites can be reported to the FTC and the Florida Attorney General.
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