How often can individuals obtain a free credit report?

Individuals can obtain a free credit report once a year from each of the three major credit bureaus. This policy is designed to help consumers monitor their credit history and identify any inaccuracies or signs of identity theft. The three major credit bureaus—Equifax, Experian, and TransUnion—allow consumers to receive one free credit report per year from each bureau, which totals three free reports annually.

This practice is mandated by the Fair Credit Reporting Act (FCRA) and aims to promote transparency and protect consumers. By regularly checking their credit reports, individuals can ensure that their credit information is accurate and can take steps to correct any errors they may find. This access is particularly important for financial health and can influence borrowing opportunities and interest rates.