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Free Credit Reports From The Government
Free Reports From The Government

 by: Jeffrey Strain

The Federal Trade Commission (FTC) has set up a new website (www.AnnualCreditReport.com) where US residents can obtain free copies of their reports from the three major report bureaus (Equifax, TransUnion and Experian). The FTC site was set up as part of the Fair and Accurate Transactions Act enacted last December. The site was set up in an effort to help fight the increasing threat of identity theft. The reports must be ordered from the FTC site to get them for free. If you order your report directly from one of the report agencies' sites, you'll be charged a fee for the report.

While a number of websites on the Internet currently offer free reports, these free reports require a card be put on file as a free trial membership of their report monitoring service. The reports have been free if you remember to cancel the trial membership, but can end up being quite costly if you accidentally forget. The new FTC site is marketing free and no card is required.

To request your reports, you'll need to provide your name, address, Social Security number and date of birth. In addition, the bureaus may ask you for other information to confirm your identity such as your current monthly mortgage payment. Consumers can also order their free reports by calling 877-322-8228 (toll-free) or by mail by writing to: Annual Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281

The free reports aren't currently available to all US residents. They're being phased in over the next year by region to prevent the system from being overwhelmed. Currently residents living in Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, New Mexico, Nevada, Oregon, Utah, Washington,

and Wyoming can obtain the free reports. Residents in the Midwest can get their free reports beginning in March, residents in the South beginning in June and residents in the East beginning in September.

Instead of ordering reports from all three report agencies at once, you might want to consider staggering the three reports so that you receive one report every 4 months. This allows you to see how your report is changing over time and whether any mistakes you find have been corrected. It will also increases the chances that you will catch any attempts at identity theft more quickly. If, however, you're considering a large purchase such as a home or car where your score will be used to determine your eligibility, you'll want to get all three right away. This will allow you to take care of any potential problems as soon as possible.

Once you've received your reports, review each one carefully. The three reporting agencies handle millions of pieces of information each year and some estimates have errors in as many as half of the reports with a major error in ever one in four. By making sure that all the information contained in the reports is accurate, you will ensure that you receive the best rates from agencies in the future.

Now that reports are free of charge, there is no reason not to request them each and every year. Keeping tabs on your report is one of the most effective ways to protect yourself against identity theft and make sure that all the information that your creditors are accessing is accurate.

About The Author

Jeffrey Strain is owner of http://www.savingadvice.com -- a website dedicated to saving you money through quality tips and articles.

info@savingadvice.com




Dec
 

Total UK personal debt

Total UK personal debt at the end of October 2007 stood at £1,391bn. The growth rate increased to 9.7% for the previous 12 months which equates to an increase of £122bn.

Total secured lending on homes at the end of October 2007 stood at £1,169bn. This has increased 10.5% in the last 12 months. 

Total consumer credit lending to individuals in October 2007 was £222bn. This has increased 5.8% in the last 12 months.

Total lending in October 2007 grew by £8.8bn. Secured lending grew by £7.3bn in the month. Consumer credit lending grew by £1.4bn.

Average household debt in the UK is £8,920 (excluding mortgages). This figure increases to £20,741 if the average is based on the number of households who actually have some form of unsecured loan.

Average household debt in the UK is £55,877 (including mortgages).

Average owed by every UK adult is £29,311 (including mortgages). This grew by £250 last month.

Average outstanding mortgage for the 11.8m households who currently have mortgages is £99,090.

Two fifths of mortgagors have secured debts of over £90,000, up from one fifth in 2004.

Average interest paid by each household on their total debt is approximately £3,744 each year (this equates to ~ 9% of take home pay).

Average consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has risen to £4,678 per average UK adult at the end of October 2007.

Britain's personal debt is increasing by £1 million every 4 minutes.

Today in the UK:

  • Consumers will borrow an additional £335m today
  • The average household debt will increase by over £13.45 today
  • 77 properties will be repossessed today
  • 305 people today will be declared insolvent or bankrupt
  • 2,750 County Court Judgements (CCJs) issued
  • Bank and building societies will hand out £1bn in mortgages today
  • Citizen Advice Bureaus will deal with 6,600 debt problems today
  • The average car will cost £15.40 to run today
  • More than 7,716 loan repayments are going unpaid every day
  • The average home will cost £30 today to run
  • Raising a child to the age of 21 will now set you back £23.50 daily
  • The price of a typical house will increase by £33 today
  • £526m will be withdrawn from cash machines today.
  • 24.5m transactions worth £1.4bn will be spent on plastic cards today
  • 1/3rd of all groceries we buy today will end up in the dustbin.

Total UK personal debt

Total UK personal debt at the end of September 2007 stood at £1,380bn. The growth rate increased to 10.0% for the previous 12 months which equates to an increase of  £120bn.

Total secured lending on homes at the end of September 2007 stood at £1,163bn. This has increased 10.9% in the last 12 months.

Total consumer credit lending to individuals in September 2007 was £217bn. This has increased 5.8% in the last 12 months.

Total lending in September 2007 grew by £11.2bn. Secured lending grew by £9.8bn in the month. Consumer credit lending grew by £1.4bn.

Average household debt in the UK is £8,681 (excluding mortgages). This figure increases to £20,189 if the average is based on the number of households who actually have some form of unsecured loan.

Average household debt in the UK is £55,403 (including mortgages).

Average owed by every UK adult is £29,063 (including mortgages). This grew by £350 last month.

Average outstanding mortgage for the 11.8m households who currently have mortgages is £98,517

Average interest paid by each household on their total debt is approximately £3,718 each year (this equates to 9% of take home pay).

Average consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has risen to £4,554 per average UK adult at the end of September 2007.

Britain's personal debt is increasing by £1 million every 4 minutes.

Today in the UK:

  • Consumers will borrow an additional £330m today
  • The average household debt will increase by over £13.25 today
  • 77 properties will be repossessed today
  • 317 people today will be declared insolvent or bankrupt
  • 2,750 County Court Judgements (CCJs) issued
  • Bank and building societies will hand out £1bn in mortgages today
  • Citizen Advice Bureaus will deal with 6,600 debt problems today
  • The average car will cost £15 to run today
  • More than 7,716 loan repayments are going unpaid every day
  • The average home will cost £30 today to run
  • Raising a child to the age of 21 will now set you back £23.50 daily
  • The price of a typical house will increase by £45 today
  • £500m will be withdrawn from cash machines today by 7.5m people across the UK
  • 24.5m transactions worth £1.4bn will be spent on plastic cards today
  • 1/3rd of all groceries we buy today will end up in the dustbin.

Total UK personal debt

Total UK personal debt at the end of August 2007 stood at £1,363bn. The growth rate increased to 9.9% for the previous 12 months which equates to an increase of £115bn.

Total secured lending on homes at the end of August 2007 stood at £1,148bn. This has increased 10.8% in the last 12 months.

Total consumer credit lending to individuals in August 2007 was £215bn. This has increased 5.5% in the last 12 months.

Total lending in August 2007 grew by £9.5bn. Secured lending grew by £8.5bn in the month. Consumer credit lending grew by £1.0bn.

Average household debt in the UK is £8,873 (excluding mortgages). This figure increases to £20,635 if the average is based on the number of households who actually have some form of unsecured loan. 

Average household debt in the UK is £56,309 (including mortgages).

Average owed by every UK adult is £28,707 (including mortgages). This grew by £160 last month.

Average outstanding mortgage for the 11.8m households who currently have mortgages is £97,209

Average interest paid by each household on their total debt is approximately £3,725 each year (this equates to 9% of take home pay).

Average consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has risen to £4,524 per average UK adult at the end of August 2007.

Britain's personal debt is increasing by £1 million every 4 minutes. 

 

Today in the UK:

 

  • Consumers will borrow an additional £315m today
  • The average household debt will increase by over £13 today
  • 77 properties will be repossessed today
  • 317 people today will be declared insolvent or bankrupt
  • 2,750 County Court Judgements (CCJs) issued
  • Bank and building societies will hand out £1bn in mortgages today
  • Citizen Advice Bureaus will deal with 6,600 debt problems today
  • The average car will cost £15 to run today
  • More than 7,716 loan repayments are going unpaid every day
  • The average home will cost £30 today to run
  • Raising a child to the age of 21 will now set you back £23.50 daily
  • The price of a typical house will increase by £42 today
  • £500m will be withdrawn from cash machines today by 7.5m people across the UK
  • 24.5m transactions worth £1.4bn will be spent on plastic cards today
  • 1/3rd of all groceries we buy today will end up in the dustbin. 

 

Servicing Debt

New figures show that debt enquiries to Citizens Advice Bureaux in England and Wales have hit a record high, increasing by 20% in the last year and bringing the total to 1.7 million in 2006/07. The number of debt problems brought to bureaux has doubled in the last 10 years.

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