Free credit reports

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Every consumer should get and review a copy of his or her credit report. It's a good idea to check it every two years, if not annually.

Thanks to the Bush administration and the Fair and Accurate Credit Transactions Act, consumers in the Western United States will be able to request a free credit report beginning in December, the Federal Trade Commission announced. And over the next nine months the entire country will gain eligibility, with the South able to benefit from the new federal law next June. The act provides for one free credit report annually.

In an era of growing and menacing identity fraud, monitoring credit information is vital to combating what has become a drain on consumers and businesses. With the convenience we enjoy with bank cards, instant credit and electronic payment options comes the costly fraud that has become increasingly easy for determined criminals. With just a few personal details, account numbers or passwords, identity thieves can use your credit card or open new accounts without you knowing it. For example, phishing, the Internet scam where bogus e-mails are sent to extract personal information, costs banks and consumers $1.2 billion last year.

That's why it's important to routinely check your credit report. If there are accounts listed that you did not open, immediately contact those banks or businesses. Often that's the only way to catch these thieves. Meanwhile, unwitting victims suffer the loss of a good credit rating. Don't let that be you. For more information go to the Federal Trade Commission's Web site at ftc.gov.