What does the Fair and Accurate Credit Transactions Act (FACT Act) provide to consumers?

The Fair and Accurate Credit Transactions Act (FACT Act) provides consumers with the right to obtain one free credit report annually from each of the three major national credit bureaus: Experian, TransUnion, and Equifax. This provision is crucial for consumers as it allows them to monitor their credit history for accuracy, identify potential identity theft, and make informed financial decisions. By enabling access to these reports without charge once a year, the FACT Act aims to promote transparency in credit reporting and empower consumers in managing their credit profiles effectively.

The other options do not accurately reflect the provisions of the FACT Act. Monthly access to credit scores or unlimited free credit reports for life is not provided under this law. Additionally, while consumers may obtain credit scores, they are not typically offered at a discounted rate through the FACT Act itself, but rather through other services or promotions by consumer reporting agencies.