Fair and Accurate Credit Transactions (FACT)
Act of 2003
The FACT Act is an amendment to the Fair Credit Reporting
Act, which regulates credit reporting agencies. This law is
an important tool for consumers in the fight against identity theft.
- Consumers are able to
receive a free copy of their credit report from all three credit
bureaus (Experian, TransUnion, Equifax) once a year. This allows you the opportunity to review your credit report for possible discrepancies. If you identify an account that you believe does not belong to you, you may contact the reporting agency and file a dispute and further investigation will be conducted.
- Consumers may receive additional free reports if
identity theft is suspected.
- Identity theft victims only have to make one
call to receive advice, set off a nationwide fraud alert, and
protect their credit rating.
- Identity theft victims who file police reports are able to block fraudulent information from appearing on their
- Credit reporting agencies must follow processes to ensure that all credit
requests are legitimate after a credit report has been flagged
for suspected identity theft.
- Active duty military personnel may place special
alerts on their files when they are deployed overseas.
For complete information about getting your free
credit report, click here.