Credit Report Law Pending

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Nora Nicholson admits she really has no idea what her credit score is, or what her credit report says, but she assumes it must be okay.

"I guess it's pretty good. I'm always getting things in the mail," Nicholson said, laughing.

She might be surprised. Experts say it is not uncommon for credit reports to have mistakes on them, especially in this day of identity theft.

"A lot of times, you may have something in your credit file, someone may have opened a credit card in your name, that you're not even aware of," said David Stephenson of Credit Data Systems.

That's why Stephenson says this new law is so important. The law allows every person free access to their credit report, once a year. It was passed by Congress in 2003, and has been rolled out from west coast to east cost since then. On Wednesday, it goes into effect in Mississippi and Alabama.

Stephenson says a good credit score is vital to almost everything we do financially.

"It can affect a lot of things. It can affect if you go to apply for a car loan; it can affect if you go to apply for a mortgage loan especially," Stephenson said.

And the new law is good news for Nicholson, who may finally know exactly what her score is.

"I think it's a good idea, in case someone steals your ID," Nicholson said.

And hopefully, this law will keep that from happening quite so often.

You may get a free copy of your credit report starting June 1 by logging on to or calling 1-877-322-8288.