KBID 1240 Date Created: 1/3/2005 Date Modified: 10/12/2023
In December of 2003, Congress passed the Fair and Accurate Credit Transactions Act (often referred to as the 'FACT Act', or 'FACTA'), which amended the Fair Credit Reporting Act ('FCRA'), and established new regulations. The new law helps consumers understand their credit rights, understand their credit reports, and fight identity theft.
One of the most notable elements of the FACT Act is that it allows consumers to request one free credit report every 12 months. Designed to help improve the accuracy of the information contained on credit reports (by allowing consumers to review and validate their own reports), the FACT Act requires nationwide consumer reporting agencies to establish a centralized source for fulfilling requests by consumers for their credit report.
The following are key provisions of the FACT Act regarding credit reports:
Additionally, the FACT Act contains key provisions regarding identity theft protections: