It Is A Reality: An Utterly No Cost Credit Record Is Your Legal Right

Yes, you have a right to receive a totally gratis credit history from each of the three credit history reporting organizations in the United States. Your right to receive a totally gratis credit history is a federal public law, exactly, public law 108-159. When attempting to figure out how to get rid of credit card debt, this can be a valuable tool. The law which made a totally gratis credit history for consumers 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 is entitled the Fair and Accurate Credit Transaction Act (FACT) of 2005, and it’s a Godsend for people for whom used cars is an extremely real concern.

The Act amended an earlier credit history law entitled the Fair Credit Reporting Act. FACT amended the Fair Credit Reporting Act to contain a provision for the totally gratis credit history. In Title II of FACT, under section 211, which is entitled “Gratis customer Reports”, all credit history reporting organizations are required to give consumers their credit reports once during a 12 month period “upon the request of the customer without charge to the customer”. This law reversed the practice of credit history reporting organizations to charge consumers for their own credit history.

FACT goes on in Title II to state that the customer may obtain the totally gratis credit history only if the customer makes that request from a centralized source which a government commission would supervise in its expansion. At minimum, credit history reporting organizations are needed to offer a toll gratis number consumers may call to make their application. It also states that credit history reporting organizations have 15 days in which to offer the totally gratis credit history to the customer after the customer has made the application.

FACT also states that consumers may also apply for a reinvestigation of the specifics of their credit history after they receive it and that credit history reporting organizations must finish that investigation within 45 days after a request for reinvestigation. This assures that consumers may use the totally gratis credit history after they receive the results of the reinvestigation.

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

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