Fair and Accurate Credit Transactions Act

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.