Freddie to Provide FACT Alerts to Approved Loan Prospector Users
October 26, 2004
Beginning Dec. 1, 2004, Freddie Mac will be sharing fraud alerts that come with credit files and merged credit reports that lenders obtain from national credit bureaus through Loan Prospector. The measure is aimed at helping lenders prevent mortgage fraud and identity theft. On that date, an anti-fraud provision in the Fair and Accurate Credit Transaction, or FACT, Act becomes effective.