The provisions in the Fair and Accurate Credit Transactions Act 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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January 1, 2005
January 1, 2005
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