Under FACTA, how many free credit reports does a consumer typically receive per year from each CRA?

Study for the Fair and Accurate Credit Transactions (FACT) Act Exam. Practice with multiple choice questions and detailed explanations. Enhance your knowledge and prepare effectively for the exam.

Multiple Choice

Under FACTA, how many free credit reports does a consumer typically receive per year from each CRA?

Explanation:
Under FACTA, consumers are entitled to one free credit report per year from each of the three nationwide credit reporting agencies. That means you can obtain up to three free reports in a 12-month period, one from each bureau (Equifax, Experian, and Trans Union). The phrase “unless special circumstances apply” covers situations where you can request additional free reports outside the annual allotment—for example, if you have been denied credit, insurance, or employment in the past 60 days due to information in your credit report; if you are unemployed and plan to seek employment within 60 days; if you are on public assistance; or if you are a victim of identity theft. In those cases, the CRA must provide a free report upon request.

Under FACTA, consumers are entitled to one free credit report per year from each of the three nationwide credit reporting agencies. That means you can obtain up to three free reports in a 12-month period, one from each bureau (Equifax, Experian, and Trans Union). The phrase “unless special circumstances apply” covers situations where you can request additional free reports outside the annual allotment—for example, if you have been denied credit, insurance, or employment in the past 60 days due to information in your credit report; if you are unemployed and plan to seek employment within 60 days; if you are on public assistance; or if you are a victim of identity theft. In those cases, the CRA must provide a free report upon request.

More Multiple Choice Questions
Subscribe

Get the latest from Passetra

You can unsubscribe at any time. Read our privacy policy