Consumers in three states served by the Federal Reserve Bank of St. Louis can now obtain their credit reports free of charge on an annual basis.
As of March 1, 2005, residents of Missouri, Illinois and Indiana can order the reports from each of the three major credit bureaus: Experian, Equifax and Trans Union. And residents of the remaining states served by the Bank—Arkansas, Mississippi, Kentucky and Tennessee—will be able to order their free reports beginning June 1, 2005.
The free reports are mandated by the Fair and Accurate Credit Transactions Act, which was enacted in December 2004. The government is phasing in the law over a nine-month period, beginning with Western states last December, Midwestern states last month, Southern states June 1 and Eastern states Sept. 1.
There are three ways consumers can order the reports: