Another week and some of us will be able to get our free credit reports from all three major credit reporting agencies. As announced by FTC back in June, residents of western states (Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, and Wyoming) will become the first beneficiaries on December 1, 2004. Such free credit reports will be rolled out across the country by September 1, 2005.

Today's WSJ story Free Credit Reports Are On The Way by Ruth Simon explained what to expect:

- Under the new system, consumers can order their free reports by going to a central Web site, www.annualcreditreport.com; by calling a toll-free number; or by sending in a written request. Reports can be requested from all three bureaus at one time or spread out over 12 months.

- To get a free copy of your credit report, you must provide your name, date of birth, Social Security number and current address as well as your previous address if you have moved in the past two years. You then will be asked to select one, two or three of the credit-reporting companies. Online shoppers then will be transferred to a special Web page for one of the bureaus, where there will be questions designed to verify their identities.

If you are not sure how soon you will be eligible for free credit reports, take a look at the interactive map at www.annualcreditreport.com. Even if you are in the first batch, don't rush to get all three reports on the first day. It might be wise to get one report every four months, so you can take the full advantage of this new consumer benefit by keeping updated of your credit profile throughout the year.