How often are consumers entitled to a free credit report from each credit reporting agency?

Consumers are entitled to a free credit report from each of the three major credit reporting agencies—Experian, TransUnion, and Equifax—once a year. This guideline is part of the Fair and Accurate Credit Transactions Act (FACTA), which aims to encourage consumers to check their credit reports for accuracy and identify any potential signs of identity theft. By obtaining a credit report annually, consumers have the opportunity to monitor their credit standing over time and address any issues that may arise.

The frequency of one report per year ensures that consumers have regular access to their credit information without incurring costs, while still allowing credit reporting agencies to manage their resources effectively. There are, however, situations where consumers may request additional reports, such as if they are denied credit based on their credit report or if they suspect identity theft, but the standard entitlement remains at one report per agency per year.