Ensuring accurate credit history is becoming easier than ever.

Many consumers are now able to request free annual credit reports from each of the three major consumer reporting agencies, thanks to revisions in federal law which took effect December 1, 2004.

This program is being rolled out by geographic regions. Individuals living in an eligible state, can receive these free reports by simply visiting www.annualcreditreport.com, calling 877-322-8228, or mailing a standardized form to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

This is big news for those looking to ensure the accuracy of their credit history.

A recent study conducted by the National Association of State Public Interest Research Groups found that four out of five credit reports contain mistakes. But that doesn't stop lenders, insurance companies and even potential employers from using those credit reports when making critical decisions.

The study's shocking findings uncovered the truth: 79 percent of all credit reports contain some type of error, and up to 25 percent contain errors which could result in credit denials, hiked interest rates, and lost employment opportunities.

"Americans can celebrate the fact that credit bureaus are now required to freely share information they have always bought and sold for profit," said Dr. Randy Padawer, a consumer advocate and consultant for Lexington Law, a law practice providing credit report repair services for more than 12 years.

"The bureaus have always made it difficult or expensive for ordinary people to review their credit histories," said Padawer. "Not paying for the reports is just one part of the good news. Correcting unfair or mistaken items on those credit reports may ultimately save consumers tens of thousands of dollars."

The FTC's alert is available at www.ftc.gov/bcp/conline/pubs/credit/freereports.htm. Visit their site for information on when your state will have a free credit report available to you.