What is the Fair and Accurate Credit Transactions Act of 2003?
This Act, amending the Fair Credit Reporting Act ("FCRA"), adds provisions designed to improve the accuracy of consumers’ credit-related records. It gives consumers the right to one free credit report a year from the credit reporting agencies, and consumers may also purchase for a reasonable fee a credit score along with information about how the credit score is calculated. The Act also adds provisions designed to prevent and mitigate identity theft, including a section that enables consumers to place fraud alerts in their credit files. Further, the Act grants consumers additional rights with respect to how their information is used. Under the Dodd-Frank Act, most of the FTC’s rulemaking responsibilities and some study requirements will transfer to the Bureau of Consumer Financial Protection.
For more information, see here: https://www.ftc.gov/legal-library/browse/statutes/fair-accurate-credit-transactions-act-2003
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