Get the Facts Straight: Your Rights Under the Fair and Accurate Credit Transactions Act
The Fair and Accurate Credit Transactions Act (FACT Act) of 2003 addresses consumers' rights to understand and protect the information in their credit reports and to get help when their financial information has been stolen. Financial institutions, including your credit union, have new responsibilities under the FACT Act, which President Bush signed into law in December 2003. Most of the FACT Act changes are effective by the end of 2004.
The FACT Act accomplishes key government priorities to help all Americans by ensuring that lenders make loan decisions based on fair and accurate credit reports. In 1996, uniform national standards--known as the Fair Credit Reporting Act, first enacted in 1970--were established to set clear rules on what credit agencies were entitled to include in individual credit reports. The FACT Act makes those national standards permanent.
The FACT Act establishes the Financial Literacy and Education Commission and calls for a national financial literacy campaign.
The Act restricts the use of medical information in determining a consumer's eligibility for credit, and also limits the sharing of medical information with affiliated companies under certain circumstances.
Financial institutions, including your credit union, have new responsibilities under the FACT Act, which President Bush signed into law in December 2003.
Understanding your credit reportThese provisions address your rights to have better information about the contents and use of your credit report:
Fighting ID theft
The FACT Act also provides consumers with new national identity theft protections, some of which impose new rules on creditors:
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