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Fair and Accurate Credit Transactions Act

The new national uniformity established for the identity theft provisions of the legislation focuses on the subjects covered in the FACT Act itself and, does not address identity theft-related topics outside the scope of the legislation.

The Fair and Accurate Credit Transactions Act, passed in 2003, amended the Fair Credit Reporting Act. Provisions impacting banks include those related to: requirements that furnishers adopt identity theft prevention policies; fraud and active duty alerts; blocking the reporting of information a consumer identifies as related to identity theft; creditor requirements to provide credit scores they used; limitations on the use of consumer reports by affiliates; risk-based pricing notices; disclosures to inform consumers that negative information will be reported to consumer reporting agencies; furnisher obligations to report accurately, right of consumers to dispute information contained in a consumer report directly with the furnisher; and requirements to reconcile discrepancies in addresses in contained applications and consumer report.

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