|Received:||4/6/2004 8:00:00 AM|
|Agency:||Federal Trade Commission|
|Rule:||FACTA Free Reports Proposed Rule|
Comments:I believe that this is an excellent idea. There are so many Americans that do not even know how to go about getting a Credit Report. Much less, they probably do not know what a credit report is. By allowing a free credit report to be dispensed it allows many Americans that do not have the correct means of accessing them, to get them for free. Secondly, by allowing such records, consumers keep up on their credit regularly. Most do not know that this is something that they should be doing every year even if they believe that their credit is fine. By getting the credit report, a consumer can keep up with the credit cards they have signed up for. This here alone is an amazing prevention of identity theft because consumers are aware of the credit report and keeping up with the reports on a more regular basis. There are a couple concerns. One concern I have with this is that it states that these reports are "free." And everyone knows, "There is no such thing as a free lunch." So, in essence, this is one other thing that is added on into our taxes. Would we be paying more by doing this or would it be cheaper to keep things the way they are? Another concern is what company would provide the credit report? Would this be changed in a rotational matter? Or is there another means of providing these reports? How will these reports be distributed? How can we insure that they will get to their rightful owner? Regardless of these concerns, I believe that there are some kinks to still work out but also believe that this is a very beneficial idea.