Facts About The FACT Act
By now many of you have heard or possible seen reports about the FACT Act. This issue of E-News takes a closer look at the FACT Act and what credit managers need to know.
The Fair and Accurate Credit Transactions (FACT) Act was signed into law in December 2003. This law incorporates new privacy regulations, identity theft protections dispute procedures and the distribution of free annual consumer disclosures. This means that the consumer can request a free copy of their consumer disclosure every 12 months from TransUnion, Equifax and Experian.
What is the difference between a consumer disclosure and a credit report?
A "consumer disclosure" is all the information in your credit file that the credit reporting agencies maintain on you, including a record of everyone who has received information about you from the credit reporting agencies ("inquiries"). You are entitled to receive a copy of your disclosure from the agencies under Federal law. A "credit report" contains only some information from your credit file, including the information typically seen by a credit grantor or other party who requests a report on you. It does not contain all the information found in your disclosure (such as certain inquiries that only you can see).
How do consumers request my "Consumer Disclosure"?
Consumers can request their FACT Act consumer disclosures from each of the credit reporting agencies online at annualcreditreport.com . Consumers can also submit requests by phone or mail. This program starts to roll out in December 2004 for consumers residing in the Western states. The Midwest will have access to their annual disclosures in March 2005, the South in June 2005 and the Northeast in September 2005.
FACT Act Rollout Dates
The following dates outline the projected rollout dates for the FACT Act
- December 2004 - Alaska, Hawaii, Washington, Oregon, California, Idaho, Nevada, Montana, Wyoming, Utah, Arizona, Colorado and New Mexico.
- March 2005 - North Dakota, South Dakota, Nebraska, Kansas, Minnesota, Iowa, Missouri, Wisconsin, Illinois, Michigan, Indiana and Ohio.
- June 2005 - Texas, Oklahoma, Arkansas, Louisiana, Mississippi, Tennessee, Kentucky, Alabama, Georgia, Florida and South Carolina.
- September 2005 - Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut, New York, New Jersey, Pennsylvania, Maryland, Delaware, Washington D.C., West Virginia, Virginia and North Carolina
Updated February 2006
For more information contact NACM MidAmerica:
Phone: 1-800-593-0907
Fax: 405-232-5567
Email: assn@nacmservices.com
