It's A Fact: An Absolutely No Cost Credit History Is Your Right By Law



Yes, you have a right to receive an absolutely free credit report from each of the three credit reporting organizations in the United States. Your right to receive a totally gratis credit history is a federal public law, precisely, public law 108-159. When attempting to figure out how to get rid of credit card debt, this can be an invaluable tool. The law that made a totally gratis credit history for customers a right was passed by The 108th Congress on Dec 5, 2005. It was specifically aimed at people attempting to maintain good credit or going down the road of how to get rid of credit card debt. It's entitled the Fair and Accurate Credit Transaction Act (FACT) of 2005, and it's a Godsend for people for whom how to get rid of credit card debt is an extremely real concern.

The Act changed an earlier credit history law entitled the Fair Credit Reporting Act. FACT changed the Fair Credit Reporting Act to include a provision for the totally free credit profile. In Title II of FACT, under section 211, which is called "No cost customer Records", all credit reporting organizations are required to give consumers their credit histories once during a 12 month period "upon the request of the customer without charge to the customer". This law changed the practice of credit reporting organizations to charge consumers for their own credit report.

FACT goes on in Title II to state that the customer may obtain the absolutely no cost credit history only if the buyer makes that request from a centralized source that a government commission would oversee in its expansion. At minimum, credit reporting organizations are needed to provide a toll no cost number consumers may call to make their request. It also states that credit reporting agencies have 15 days in which to offer the totally gratis credit history to the buyer after the buyer has made the request.

FACT also states that consumers may also request a reinvestigation of the particulars of their credit file after they receive it and that credit history reporting organizations must finish that investigation within 45 days after a demand for reinvestigation. This assures that consumers may use the totally free credit profile after they get the results of the reinvestigation.

The three credit reporting organizations in the U.S., Equifax, Experian, and Transunion, together created a centralized source that consumers can use to request their credit profile as required by FACT.

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