Question

Do major credit reporting agencies must provide consumers with free copies of their own credit reports every six months?

1) True
2) False

Answer 1

False, Major credit reporting agencies are required to provide a free credit report to consumers once every 12 months, not every six months. This is mandated by the Fair Credit Reporting Act.

Step-by-step explanation:

The statement that major credit reporting agencies must provide consumers with free copies of their own credit reports every six months is false. By law, under the Fair Credit Reporting Act (FCRA), each of the nationwide credit reporting companies — Equifax, Experian, and TransUnion — is required to provide consumers with a free copy of their credit report once every 12 months upon request. It is essential for consumers to monitor their credit history for red flags that indicate their identity may have been compromised. They must also be cautious about who has access to their personal information, always ask why information is being collected, how it will be used, and who will have access to it.