It Is A Fact: A Totally No Cost Credit File Is Your Right By Law

Yes, you have a right to receive a totally no cost credit report from each of the three credit reporting organizations in the United States. Your right to receive a totally no cost credit report is a federal public law, exactly, public law 108-159. When attempting to suss out how to get rid of credit card debt, this can be a valuable tool. The law which made a totally no cost credit report for consumers a right was passed by The 108th Congress on December 5, 2005. It was in particular aimed at people attempting to maintain good credit or going down the road of how to get rid of credit card debt. It is entitled the Fair and Accurate Credit Transaction Act (FACT) of 2005, and it is a Godsend for individuals for whom used cars is an awfully real concern.

The Act amended an earlier credit report law entitled the Fair Credit Reporting Act. FACT amended the Fair Credit Reporting Act to include a provision for the totally no cost credit report. In Title II of FACT, under section 211, which is entitled "No cost consumer Records", all credit reporting organizations are required to give consumers their credit files once during a one year period "upon the demand of the consumer without charge to the consumer”. This law changed the practice of credit reporting organizations to charge consumers for their own credit report.

FACT goes on in Title II to say that the consumer may acquire the totally no cost credit report only if the consumer makes that demand from a centralized source which a government committee would supervise in its development. At minimum, credit reporting organizations are required to offer a toll no cost number consumers may call to make their application. It also states that credit reporting organizations have 15 days in which to offer the totally no cost credit report to the consumer after the consumer has made the application.

FACT also states that consumers may also apply for a reinvestigation of the particulars of their credit report after they get it and that credit reporting organizations must finish that investigation within 45 days after a demand for reinvestigation. This assures that consumers may use the totally no cost credit report after they get the results of the reinvestigation.

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