The Fair and Accurate Credit Transactions Act of 2003 (FACTA) amends the Fair Credit Reporting Act (FCRA) enforced by the Federal Trade Commission (FTC), requiring the nationwide credit bureaus to provide all consumers, upon request, an annual free copy of their credit report. The three major consumer reporting companies, Equifax, Experian and TransUnion, process requests for free annual credit reports at AnnualCreditReport.com. These Acts, being federal in jurisdiction, cover not just California but all states and U.S. territories.
California/Federal Free Credit Report Law
As of March 2005, consumers in California are entitled to receive free reports annually from all three credit reporting agencies. Consumers have the option to order free reports from all three nationwide reporting companies at the same time or spread their requests out over the course of a year. The law allows one free report from each company on an annual basis within the calendar year.
Consumer Rights Contained in the Law
Consumers have the right to obtain three independent copies of their credit report within a calendar year, know who has received a copy of their report, dispute inaccurate information, prevent credit bureaus from using their information for marketing purposes, and complain to the appropriate agency or even file a lawsuit.
Consumer Reporting Company: Experian
Experian provides information solutions to organizations and consumers by focusing on customer relationships and aiding organizations in building the strongest and most profitable bond between the two. Empowering as well as encouraging consumers to understand, manage and protect their personal information and assets is another one of their objectives. Experian has worked with more than 50,000 clients in financial services, telecommunications, health care, insurance, retail and catalog, automotive, manufacturing, leisure, utilities, e-commerce, property and government. Their U.S. headquarters is located in Costa Mesa, California.
Consumer Reporting Company: TransUnion
TransUnion is an information solutions company that builds its reputation as a business intelligence partner and commerce facilitator. TransUnion offers financial products and services that enable customers to manage risk and capitalize on opportunities. With the use of technology, paired with extensive analytical capabilities, TransUnion works to prevent fraud crimes and facilitates credit transactions between businesses and consumers. Its headquarters is located in Chicago, Illinois.
Consumer Reporting Company: Equifax
Equifax provides business customers with marketing solutions. The company also offers consumers simple options for buying products and/or services, as well as advice into the management and control of personal credit. Its corporate headquarters is in Atlanta, Georgia.
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