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Last Updated
18th of May, 2010
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The Fair and Accurate Credit Transactions Act of 2003 (more commonly referred to as the FACT Act, or FACTA) ushered in important new protections for American consumers. Perhaps most importantly, under FACTA, consumers are entitled by law to at least one free credit report every twelve months from each of the three credit bureaus.
This important law also marks the first time in history that this information is available from a centralized source (www.annualcreditreport.com), as mandated under FACTA.
FACTA significantly strengthens the pro-consumer provisions in the Fair Credit Reporting Act (FCRA) in other ways as well. Besides mandating a free annual credit report for all consumers, other provisions of this landmark legislation help to arm the public against identity theft by making it easier to detect and block identity thieves trying to open fraudulent accounts. Among other consumer protections, FACTA empowers consumers to:
- Place fraud alerts in their credit reports to prevent identity thieves from using their names to open fraudulent accounts; and
- Block data from being given to or reported by a credit bureau if that data is a result of identity theft.
Other pro-consumer provisions of FACTA:
- It requires credit bureaus to share consumer calls on identity theft, including fraud alert requests (the "one-call-for-all" provision).
- It requires lenders to notify consumers before submitting negative credit information.
- It restricts third-party access to consumers' sensitive health data.
- It prohibits merchants from printing more than the last five digits of a payment card on an electronic receipt
A central website, www.annualcreditreport.com, gives consumers access to their free annual reports. You also can order your credit reports from the FACTA-mandated centralized source by phone (toll-free) at 877-322-8228 or by writing to:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
In fact, if you want to receive free reports under FACTA, you must order them through this central source, either online, over the phone, or by mail. if you order your reports directly from the credit reporting agencies, you still may have to pay.
FACTA also provides the broader right allowing each of us to obtain a
free copy of any “consumer” report that a company may compile and
resell on each of us, even if it’s not a credit report. A great example
is your CLUE insurance claim reports that are housed and maintained by
ChoicePoint, who is now owned by LexisNexis.
Not sure where you stand credit-wise? Check your reports and scores online today!
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