[Jon]

NEW YORK - A new federal law is taking effect today to give U.S. consumers the right to receive one free copy of their credit report each year.

The Fair Credit Reporting Act requires that each of the three major credit reporting agencies in the United States provide consumers with a free copy of their report once every 12 months.

Full article: http://www.forbes.com/finance/2004/1...201credit.html
Website for free credit report: https://www.annualcreditreport.com


I know we've discussed where to get an online credit report before. Those of you who may have previously tried to obtain a "free" credit report online know that it's only "free" after you pay for it, or after you fork over your personal information, or after you agree to join a mailing list, club, or cult.

The law is being rolled out TODAY. It's being phased in, so everyone doesn't try to get their free report at once. Westerners have first dibs, and then three other US regions will be phased in before September 1st.

[ChevelleSS_LS6]

hey thats cool. i dont have a credit card to build credit. I cant get a credit card because I dont have credit.

I am paying off my car though. Mom was co-signer. Doesn't this build credit, or is it "car credit" or something?

[killerformula]

young guys into modding out cars with low incomes should not have credit cards.

Wait till your 25 to get one!

K

[BarryK]

Originally posted by ChevelleSS_LS6
hey thats cool. i dont have a credit card to build credit. I cant get a credit card because I don't have credit.

I am paying off my car though. Mom was co-signer. Doesn't this build credit, or is it "car credit" or something?

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Have your mom go to bank and cosign a $2000 loan in your name and take the $2000 (don't spend it) and over next six months
pay the loan off, it will cost you $75 on top of this for interest and you will have all the credit you need.
I did this with both of my boys as soon as they got their first job and it works great.

If the loan is in your name, its a done deal. Just her name , no good.

[4 Jaw Chuck]

Originally posted by BarryK
**********************************************
Have your mom go to bank and cosign a $2000 loan in your name and take the $2000 (don't spend it) and over next six months
pay the loan off, it will cost you $75 on top of this for interest and you will have all the credit you need.
I did this with both of my boys as soon as they got their first job and it works great.

If the loan is in your name, its a done deal. Just her name , no good.

Very good advice BarryK.

[Jon]

Makes sense for the young person, and for the bank too. If a younger person can hold on to $2,000 over the course of 6 months, and carefully pay it back, on time every time -- then they deserve to start with a good credit rating.