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Under a new federal program, Washington state is among the first in the nation to offer a free, once-a-year credit report.

The three major credit reporting agencies -- Experian, Trans Union and Equifax -- have set up a Web site for the requests: www.annualcreditreport.com.

Note: You might have to copy and paste this link into your browser window to get to the Web site: http://www.annualcreditreport.com

More Info: Frequently Asked Questions

FREE CREDIT REPORTS AnnualCreditReport.com 1-877-FTC-HELP

For years, experts have told consumers that they need to check their credit report every year.

But for the past few years, unless you were denied credit, you had to pay up to $35 to see your credit report from the three credit reporting agencies. Only those who were denied credit could get a free report.

Now, consumers will be able to get a free credit report from each agency each year. The initiative is part of an effort to cut down on identity fraud by making it easier to spot.

"The sooner you catch it, the less damage there is. It's like a leak. If you plug it early, there's little water on the floor," bank investigator Dennis Weathers said.

Once you have the report, you need to look for the things that you don't recognize.

"If you're looking at your file and you see an account, for example, for a Rich's card, if you've never shopped at Rich's, never had a Rich's card, then obviously that would concern you," Equifax's Chris Jarrard said.

Credit Score

Credit counselors estimate that 80 percent of all credit reports contain at least one mistake.

The free credit reports come as a result of the Fair and Accurate Credit Transactions Act.

Under the Act, the three major credit reporting agencies, Equifax, TransUnion, and Experian, are required to provide consumers, upon request, a free copy of their credit report once every 12 months and to create a centralized source to process the requests.

The rules do not require the credit agencies to include consumers' credit scores with the report.

Credit scores are derived from credit reports.

A credit score is a quick way for lenders to assess how risky you are as a potential borrower. The higher your score, the less risk you pose to lenders and the more likely it is that you'll get their best available rates.

How To Access Free Credit Report Online: www.annualcreditreport.com By Phone: (877) 322-8228 By Mail: Annual Credit Report Request Service P.O. Box 105281 Atlanta, GA 30348-5281

Applicants are required to provide their name, address, Social Security number and date of birth. Requests should be processed within 15 days.

Previous Stories: November 8, 2004: Daily Saving Key In Fighting Consumer Debt November 3, 2004: Denied Credit? Could Be Case Of Mistaken Identity November 1, 2004: Free Credit Reports For Everyone Coming Soon October 18, 2004: Study: College Students Make the Grade With Credit September 22, 2004: Most Americans Confused About Credit Scores August 19, 2004: Web Searches May Reveal Too Much About You July 14, 2004: Credit Card Offers Can Ruin Credit Score July 8, 2004: Closing Credit Card Account: Do It Right