FACTA finally being phased in seven years later on clarkhoward.com

Seven years ago, Clark got on the airwaves and spoke with great excitement about a new law designed to give you far more info about how people use credit to make loan decisions.

But the banks used their powerful lobby to stall the Fair and Accurate Credit Transactions Act (FACTA) of 2003. Now the provisions of the 2003 law are finally being phased in.

Say you apply for a car loan. You may be quoted at 8.5 percent because of material contained in your credit report. That's called risk-based pricing. You won't be denied for a loan like you might have 20 or 30 years ago; you'll simply get a bumped-up rate.

That's why it's so important to visit AnnualCreditReport.com to check your credit report and see what's driving that rate up. You may have "junk entries" -- incorrect information that shouldn't be there. PIRG estimates one in three reports have errors that could lead to denial of a loan or a higher interest rate.

Meanwhile, there's a new database coming online that allows you to vet a mortgage broker for proper licensing. This should go a long way to answering that perennial question: How do I know my mortgage broker is on the up and up?

What others are saying

@ Good Link
It is true that you may have to mail a request for one or more of your credit reports from the three respective agencies. This happens when you provide information that doesn't match their records during the security portion where you're asked a series of questions that only you should know the answers too. I was able to access my Equifax report but not my TransUnion report. I didn't want to wait so I paid for a printout that would list all three records side-by-side and discovered that the other two agencies hadn't updated the fact that I was married and my name had changed. Things like that will keep you from being able to access them instantly online from that site.
By Tamika Moore @ 03/04/10 05:42:29 PMreport abuse
Can't obtain credit report
I requested a credit report from all 3 reporting services via phone over 6 weeks ago and have received nothing. I tried to contact them today to find out why I had not received a report and found there is no way to speak to a customer service representative. I can't order them online as I don't have a printer. I tried to reorder them via phone and the "robot" couldn't decipher my name. I never was able to contact anyone. Maddening!!!
By robert kimball @ 03/04/10 02:20:01 PMreport abuse
Good Link
Just read that article Tim provided, looks as if this new system will be more of the same, and those sitting on a bad or questionable credit score will even suffer more than they are now. The free annual credit report is nice, but Equifax refuses to give their report online and one has to mail in a request, this has happened to me and three others I know.
By Chris @ 01/14/10 02:00:34 PMreport abuse
new credit scoring system?
Any thoughts on this article Clark?

http://articles.moneycentral.msn.com/Banking/YourCreditRating/WhatTheNewCreditScoreMeansToYou.aspx
By Tim @ 01/14/10 10:45:56 AMreport abuse

@ Good Link

It is true that you may have to mail a request for one or more of your credit reports from the three respective agencies. This happens when you provide information that doesn't match their records during the security portion where you're asked a series of questions that only you should know the answers too. I was able to access my Equifax report but not my TransUnion report. I didn't want to wait so I paid for a printout that would list all three records side-by-side and discovered that the other two agencies hadn't updated the fact that I was married and my name had changed. Things like that will keep you from being able to access them instantly online from that site.

By Tamika Moore @ 03/04/10 05:42:29 PMreport abuse

Can't obtain credit report

I requested a credit report from all 3 reporting services via phone over 6 weeks ago and have received nothing. I tried to contact them today to find out why I had not received a report and found there is no way to speak to a customer service representative. I can't order them online as I don't have a printer. I tried to reorder them via phone and the "robot" couldn't decipher my name. I never was able to contact anyone. Maddening!!!

By robert kimball @ 03/04/10 02:20:01 PMreport abuse

Good Link

Just read that article Tim provided, looks as if this new system will be more of the same, and those sitting on a bad or questionable credit score will even suffer more than they are now. The free annual credit report is nice, but Equifax refuses to give their report online and one has to mail in a request, this has happened to me and three others I know.

By Chris @ 01/14/10 02:00:34 PMreport abuse

new credit scoring system?

Any thoughts on this article Clark?

http://articles.moneycentral.msn.com/Banking/YourCreditRating/WhatTheNewCreditScoreMeansToYou.aspx

By Tim @ 01/14/10 10:45:56 AMreport abuse

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Jan 13, 2010 -- FACTA finally being phased in seven years later

What others are saying