Credit Union West - So much more than money

PRESS RELEASES

Free credit reports available thanks to consumer legislation

Dear Editor,
Arizonans are among the first in the nation to be able to order free credit reports, thanks to the Fair and Accurate Credit Transactions Act, or (FACTA).

FACTA was passed to help consumers with their credit and help prevent identity theft. It requires all three major credit reporting agencies (Experian, Equifax, and TransUnion) to provide every consumer with one free credit report per year.

The law just went into effect Dec. 1, and is being phased in nationally, starting with the Western states. Consumers already are flooding their requests into www.annualcreditreport.com.

However, once you receive your free credit reports, how do you interpret them? What do you do if you find an error?

Credit Union West, in conjunction with a local 501(c)3 educational organization, the Center for Responsible Budgeting, is offering a series of free classes, open to the public, about how to read your credit reports, how to correct any errors, and how to improve your credit score.

It is important for consumers to check their credit reports with all three major agencies because they don't all necessarily receive or report the same information.

In today's society, your credit information can be viewed by your mortgage company, your insurance provider and even your employer. That's why it is vital to review your credit report and make sure that it is current and accurate. There's too much at stake to ignore it.

Credit Union West's next class is Saturday, Jan. 15, at Thunderbird, The Garvin School of International Management. For details or to reserve your seat, call 602-631-3407.

Steve Becker
President and CEO, Credit Union West.