What is the annual entitlement given to consumers under the Fair and Accurate Credit Transactions Act?

Under the Fair and Accurate Credit Transactions Act (FACTA), consumers are entitled to receive one free credit report per year from each of the three major credit reporting agencies. This provision is designed to help consumers stay informed about their credit status and check for any inaccuracies or fraudulent activity without incurring a cost. By allowing one free report per year, the law empowers consumers to monitor their creditworthiness and take necessary steps if they notice any discrepancies or issues.

The other choices do not accurately reflect what is granted by FACTA. There is no provision for unlimited free reports, free score analyses, or multiple free scores within the framework established by this act. This focus on providing a single report annually is intended to strike a balance between consumer access to credit information and the operational capabilities of credit reporting agencies.