Q: I just pulled my TransUnion credit report and under the inquiries section it says “FACTACT FREE DISCLOSURE”. What is it and is it bad to have on my report?
A: It seems that every time I check my credit report I always see an inquiry or two that I did not authorize, but fortunately for me, those unknowns have almost always have been soft pulls. Here’s what you need to know about your Factact Free Disclosure inquiry that is showing up on your TransUnion report…
What is Factact Free Disclosure?
Last decade (in 2003 to be exact) the Fair and Accurate Credit Transactions Act was passed by President Bush. This is the law that allows you to obtain a free copy of your credit report from the 3 major credit bureaus once per year; Experian, Equifax, and TransUnion. The passage of this law was very important for all of us, because before that they would charge us just to see what was on our credit reports… that’s completely unfair, we shouldn’t be charged just for ensuring our reports are accurate!
Each time you check your credit report under the FACT Act, an credit inquiry has to be made. Fortunately, the credit inquiry is a soft pull that does not affect your credit score in anyway. Each credit bureau will then list that inquiry under the soft inquires section and will call it a Fact Act Disclosure or other various (but similar) sounding names. TransUnion has been known to list theirs as the “Factact Free Disclosure” on reports.
So what you see listed probably came from the last annual credit report you obtained for free. Or if you made another inquiry under the FACT Act (like if you were the victim of identity theft and previously pulled your report) then it may be showing up for that reason.
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