The 3 credit reporting agencies have been required to provide a free annual credit report to consumers since the Fair and Accurate Credit Transactions Act (FACTA) was passed in 2003. This greatly improved consumer knowledge in financial matters, particularly in understanding credit.
However, the information in the Credit Report is insufficient for a complete understanding of the current state of a consumer's credit rating. For this the Credit Score is of more value. Businesses and banking institutions may look at the Credit Report of a borrower in due time, nevertheless the first decision of credit worthiness is made using the consumer's Credit Score. This number should be included in the free annual credit report obtained from the Credit Rating Agencies.