Free Credit Reports Available to North Carolina Consumers September 1st.GREENSBORO Greensboro, city (1990 pop. 183,521), seat of Guilford co., N central N.C.; inc. 1829. The city is a financial, insurance, and distribution center for the region. , N.C. -- - Recently, Scott and Kristen Faulkner of Winston-Salem made a surprise discovery. A collection agency contacted them saying Scott owed more than $7,000 in credit card debt Credit card debt is an example of unsecured consumer debt, accessed through ISO 7810 plastic credit cards. Debt results when a client of a credit card company purchases an item or service through the card system. . As they did some research, the Faulkner's realized that Scott's social security number had been stolen many years ago. "Whoever stole Scott's social had opened a credit card account opened under a fictitious name Noun 1. fictitious name - (law) a name under which a corporation conducts business that is not the legal name of the corporation as shown in its articles of incorporation DBA, Doing Business As, assumed name ," said Kristin, who works as a member service representative for Members Credit Union. "The debts in question were twelve years old." Beginning Thursday, September 1st, North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. consumers like the Faulkners will have a new resource to detect fraud. On that date, consumers will have the ability to view their credit reports free-of-charge thanks to the Fair and Accurate Credit Transactions Act Under the Fair and Accurate Credit Transactions Act of 2003 (FACT Act or FACTA, Pub.L. 108-159) which was passed by the United States Congress on December 4 2003 as an amendment to the Fair Credit Reporting Act, consumers can request and obtain a free credit report . Kim Bohannon, who is assistant vice president of regulatory and compliance services with the NC Credit Union League A credit union league (League) is a United States state-level trade association for credit unions, which are non-profit financial cooperatives. Credit union leagues hold a primary interest in the Credit Union National Association (CUNA). , sees great value in the credit reports for people like the Faulkners. "Their experience with fraud underscores an important point - no one is immune to identity theft. Victims range from students and teachers, to financial service professionals like Kristen." Bohannon adds that, "You don't have to be a financial expert to figure out the credit reports - they are very easy to understand." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the US Federal Trade Commission, North Carolina consumers reported nearly 14,000 incidents of fraud in 2004, including more than 5,600 instances of identity theft. While the credit reports are free, Bohannon warns against buying unnecessary services such as identity theft protection in order to receive the credit report. "Many consumers have been sold coverage they absolutely do not need in order to receive the 'free' credit report," she said. Bohannon says consumers should weigh the value of fee-based services separate from the credit report. To receive the free credit report, North Carolina residents may go to www.annualcreditreport.com beginning September 1st. This web site is a joint venture between Experian, Equifax and TransUnion, the three major credit reporting agencies. "This web site is the only place consumers can go for the free reports without signing up for other fee-based services," said Bohannon. Other resources: For consumers: www.ncleague.org http://www.ftc.gov/bcp/conline/edcams/freereports/index.html |
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