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Fair and Accurate Credit Transactions (FACT)
Act of 2003
The FACT Act is an ammendment to the Fair Credit Reporting
Act, which regulates credit reporting agencies. This new law will be
an important tool for consumers in the fight against identity theft.
Key
information includes:
- Consumers will be able to
receive a free copy of their credit report from all three credit
bureaus (Experian, TransUnion, Equifax) once a year.
- Consumers may receive additional free reports if
identity theft is suspected
- Identity theft victims will 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 will
be able to block fraudulent information from appearing on their
credit reports
- Identity theft victims will have access to business
records that list an identity thief's fraudulent transactions
- Credit reporting agencies must 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.
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