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TransUnion, Equifax and Experian credit agencies are providing free credit reports annually to each American. Reports like this one show all of your credit accounts and their related payment histories. Visit www.annualcreditreport.com to participate. |
Whether you’re financing a piece of equipment or taking out a loan to build a new facility, it’s important to have a healthy credit rating. Now, thanks to the FACT (Fair and Accurate Credit Transactions) Act, all Americans are entitled to a free credit report once a year.
The FACT Act provides consumers, companies, consumer reporting agencies and regulators with tools that expand access to credit and other financial services for all Americans, enhance the accuracy of consumers’ financial information and help fight identity theft. The reforms create permanent, uniform national standards among credit markets and institute stronger customer protection and free credit reports. As a result, lenders are required to make decisions on loans based on full and fair credit histories and consumers are able to verify the accuracy of their credit reports annually.
Availability of free credit reports began in December 2005 with western states, followed by the Midwest in March 2005, southern states in June 2005. The rollout was completed on Sept. 1 with the eastern states, making the reports available across the country. TransUnion, Equifax and Experian credit agencies are participating in the program. Americans can request their credit reports from each agency once a year.
| WHAT'S YOUR CREDIT LIKE? |
Have you taken a look at your credit report lately? If not, take advantage of the free credit reports available through www.annualcreditreport.com. Then, visit the Lawn & Landscape Online Message Board to share what having good credit means for you as a business owner. Here are some questions to get the discussion started:
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According to Lawn & Landscape’s 2004 State of the Industry report, lawn and landscape companies reported spending an average of $41,673 each on vehicles and equipment in 2003. As trade show season approaches, those companies and others are gearing up to test drive more new products to beef up their equipment fleets. As such, now would be a good time for contractors to check in on their own credit ratings so they can be prepared when purchasing discussions turn to financing.
To get your free credit report today, visit www.annualcreditreport.com and select your state under the “Start Here” headline. From there, you’ll be asked to provide your name, date of birth, Social Security number and other information, followed by directions that will allow the credit agencies to confirm your identity.
In addition to being able to view your credit report, each agency will also make your credit score available for a fee of $5 to $7.