How often can consumers obtain a free credit report under the FCRA?

Consumers can obtain a free credit report once every 12 months from each of the three major credit reporting agencies – Experian, TransUnion, and Equifax. This law was established under the Fair Credit Reporting Act (FCRA) to promote transparency and allow consumers to monitor their credit reports for inaccuracies or fraudulent activity. By giving access to credit reports from each agency on an annual basis, consumers have the opportunity to review their credit history regularly, enhancing their capacity to understand and manage their financial health. This particular benefit empowers individuals to take action if they find errors or signs of identity theft, thus fostering consumer rights and protections in the credit reporting system.