Which law allows consumers to receive a free copy of their credit report annually?

The Fair and Accurate Credit Transaction Act (FACTA) is indeed the law that allows consumers to receive a free copy of their credit report annually. This provision was established to promote transparency and help consumers monitor their credit for errors or fraudulent activity. According to FACTA, individuals are entitled to obtain one free credit report each year from each of the three major credit reporting agencies—Equifax, Experian, and TransUnion. This access to a free credit report is a crucial tool for consumers, enabling them to be proactive in managing their credit health and ensuring the accuracy of the information held in their credit files.

The other laws listed serve different purposes: the Homeowner's Protection Act focuses on the cancellation of private mortgage insurance (PMI) for homeowners, Truth-in-Lending is designed to ensure that credit terms are disclosed clearly and transparently, and the Equal Credit Opportunity Act prohibits discrimination in lending practices. Each of these laws addresses specific aspects of consumer rights and protections but does not provide for the annual free credit report access that FACTA guarantees.