How often are consumers entitled to a free credit report from the three major credit reporting agencies?

Consumers are entitled to a free credit report from each of the three major credit reporting agencies—Experian, TransUnion, and Equifax—once every twelve months. This allows individuals to review their credit reports regularly to check for errors, detect identity theft, and monitor their credit health.

The annual free credit report is mandated by federal law under the Fair and Accurate Credit Transactions Act (FACTA), which was designed to help consumers better manage their credit. This goal aligns with the intent to promote transparency in the credit reporting system and empower consumers with the information they need to make informed financial decisions.

Regular access to free credit reports can help consumers address any discrepancies and understand how their credit behaviors may impact their scores, making it an essential tool for effective financial management and planning.