FACT Act

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Fair and Accurate Credit Transaction Act of 2003

Legislation in the United States requiring the three major credit reporting agencies to disclose an individual's credit reports to that individual once per year for free. One may request a free report through a website or telephone number managed by the three agencies, Experian, Equifax, and TransUnion, in cooperation with the Federal Trade Commission. The Act contains provisions making identity theft more difficult. See also: Fair Credit Reporting Act.

FACT Act (Fair and Accurate Credit Transactions Act).

Designed to help consumers check their credit reports for accuracy and detect identity theft early, the FACT Act gives every consumer the right to request a free report from each of the three major credit bureaus -- Equifax, Experian, and TransUnion -- once a year.

To obtain your free reports, you must request them through the Annual Credit Report Request Service (www.annualcreditreport.com or 877-322-8228).

If you request your credit report directly from one of the three credit reporting agencies or through another service, you'll pay a fee.

Most experts recommend staggering your requests for the free reports -- for instance, ordering one in January, the second in May, and the third in September -- so that you can keep an eye on your credit throughout the year.

It's also a good idea to check your report at least two months before you anticipate applying for a major loan or a job, so you can notify the credit bureau if you find any inaccuracies.

You're also entitled to a free report directly from the credit reporting bureaus if you've recently been denied credit, have been turned down for a job, are on public assistance, or have reason to suspect that you're a victim of credit fraud or identity theft.

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References in periodicals archive ?
The Meeting will also discuss the American Fair and Accurate Credit Transactions Act (FACTA).
E-MAIL RECEIPTS DO NOT SHARE THE same identity-theft protections as the receipts outlined in the Fair and Accurate Credit Transactions Act (FACTA), the 9th Circuit ruled on May 24 in Simonoff v.
The Board of Governors of the Federal Reserve and the Federal Trade Commission (FTC) jointly issued final rules to implement the risk-based pricing provisions in the Fair and Accurate Credit Transactions Act (FACT Act), which amends the Fair Credit Reporting Act (FCRA).
"The court recognized that the Federal Trade Commission's interpretation of the Fair and Accurate Credit Transactions Act over-reaches, and its application to lawyers is unreasonable.
The rule was developed as part of the Fair and Accurate Credit Transactions Act of 2003.
The rule's goal is to deter identity theft and is mandated by the Fair and Accurate Credit Transactions Act of 2003.
The FTC and the federal financial regulatory agencies developed the Red Flags rule under the Fair and Accurate Credit Transactions Act of 2003.
The "Red Flags and Address Discrepancy Rules," which implement sections of the Fair and Accurate Credit Transactions Act of 2003, or FACT Act, were issued by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the Federal Trade Commission.
Produced by Sheshunoff Information (Austin, TX), the new manual includes: the proposed regulation governing loans to military personnel and their dependents; the Service Members Civil Relief Act; the Uniformed Services Employment and Reemployment Rights Act; and examination of the protections offered to military personnel under the Fair and Accurate Credit Transactions Act. It costs $525.
When conducting this type of campaign, there are a host of roles that must be followed tinder the Fair Credit Reporting Act (FCRA) and related amendments added by file Fair and Accurate Credit Transactions Act of 2003 (FACF Act).
The 2005 edition incorporates the Bankruptcy Abuse Prevention and Consumer Protection Act, Fair and Accurate Credit Transactions Act, and Class Action Fairness Act of 2005.
1, 2004, the so-called amended Fair and Accurate Credit Transactions Act went into effect.