The Facts on FACTA Inside North America (shipping included)
The Fair and Accurate Credit Transactions Act of 2003 made permanent previous, familiar amendments to the Fair Credit Reporting Act, such as the form and content of certain disclosures, the duties of a person to take adverse action, contents of consumer reports, and more.
However, FACT also added new consumer protections, such as notice to consumers if they are granted credit on “less favorable” terms, opt-out opportunity, disclosure of credit scores to applicants and reporting of negative information on a person’s file.
Deciphering hundreds of pages of the Act can be daunting, and expensive. This report allows you to easily sort through the Act, in a section-by-section format, to get a better grasp on the provisions that affect you the most.
- Risk-based pricing notices (many details and exceptions you need to know about, including the trigger)
- Free credit report disclosures
- Affiliate sharing (the opt-out requires lenders to restructure business formats)
The Facts on FACTA breaks down the 8 titles in the Act: I: Identity Theft Prevention and Credit History Restoration; II: Improvements in Use of and Consumer Access to Credit Information; III: Enhancing Accuracy of Consumer Report Information; IV: Limiting the Use and Sharing of Medical Information in the Financial System; V: Financial Literacy and Educational Improvement; VI: Protecting Employee Misconduct Investigations; VII: Relation to State Law; VIII: Miscellaneous.