Fair and Accurate Credit Transactions Act of 2003 ("FACTA") (15 U.S.C. §§ 1681-1681x)

Fair and Accurate Credit Transactions Act of 2003

Pub. L. No. 108-159, 117 Stat. 1952, codified to 15 U.S.C. §§ 1681-1681x

 

SUMMARY:

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 requires the provision of "risk-based-pricing" notices and credit scores to consumers in connection with denials or less favorable offers of credit. 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, as well as other enhancements to the Fair Credit Reporting Act. Certain provisions related to data security ("red flags" of possible identity theft) were amended by the Red Flag Program Clarification Act of 2010, Pub. L. 111-319, 124 Stat. 3457, to clarify and narrow the meaning of "creditor" for purposes of those provisions. The Dodd-Frank Act transferred most rulemaking and one ongoing study requirement under this Act to the Consumer Financial Protection Bureau, but the Commission retains responsibility for two data security rules ("red flags" and "disposal") as well as all rulemaking under the Act relating to certain motor vehicle dealers.

 

CITATION:

PART 602—FAIR AND ACCURATE CREDIT TRANSACTIONS ACT OF 2003

Electronic Code of Federal Regulations

Title 16 → Chapter I → Subchapter F → Part 602

Title 16: Commercial Practices

Contents

§602.1   Effective dates.

Authority: 15 U.S.C. 1681s; sec. 3, Pub. L. 108-159; 117 Stat. 1953.

 

§602.1   Effective dates.

(a)-(b) [Reserved]

(c) The applicable provisions of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act), Pub. L. 108-159, 117 Stat. 1952, shall be effective in accordance with the following schedule:

(1) Provisions effective December 31, 2003.

(i) Sections 151(a)(2), 212(e), 214(c), 311(b), and 711, concerning the relation to state laws; and

(ii) Each of the provisions of the FACT Act that authorizes an agency to issue a regulation or to take other action to implement the applicable provision of the FACT Act or the applicable provision of the Fair Credit Reporting Act, as amended by the FACT Act, but only with respect to that agency's authority to propose and adopt the implementing regulation or to take such other action.

(2) Provisions effective March 31, 2004.

(i) Section 111, concerning the definitions;

(ii) Section 156, concerning the statute of limitations

(iii) Sections 312(d), (e), and (f), concerning the furnisher liability exception, liability and enforcement, and rule of construction, respectively;

(iv) Section 313(a), concerning action regarding complaints;

(v) Section 611, concerning communications for certain employee investigations; and

(vi) Section 811, concerning clerical amendments.

(3) Provisions effective December 1, 2004.

(i) Section 112, concerning fraud alerts and active duty alerts;

(ii) Section 114, concerning procedures for the identification of possible instances of identity theft;

(iii) Section 115, concerning truncation of the social security number in a consumer report;

(iv) Section 151(a)(1), concerning the summary of rights of identity theft victims;

(v) Section 152, concerning blocking of information resulting from identity theft;

(vi) Section 153, concerning the coordination of identity theft complaint investigations;

(vii) Section 154, concerning the prevention of repollution of consumer reports;

(viii) Section 155, concerning notice by debt collectors with respect to fraudulent information;

(ix) Section 211(c), concerning a summary of rights of consumers;

(x) Section 212(a)-(d), concerning the disclosure of credit scores;

(xi) Section 213(c), concerning duration of elections;

(xii) Section 217(a), concerning the duty to provide notice to a consumer;

(xiii) Section 311(a), concerning the risk-based pricing notice;

(xiv) Section 312(a)-(c), concerning procedures to enhance the accuracy and integrity of information furnished to consumer reporting agencies;

(xv) Section 314, concerning improved disclosure of the results of reinvestigation;

(xvi) Section 315, concerning reconciling addresses;

(xvii) Section 316, concerning notice of dispute through reseller; and

(xviii) Section 317, concerning the duty to conduct a reasonable reinvestigation.

[69 FR 29063, May 20, 2004]

 

For more information, see here:  https://www.ecfr.gov/cgi-bin/retrieveECFR?gp=&SID=9ee80cb5169c9cf4e563c750c862c3c6&mc=true&r=PART&n=pt16.1.602

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http://uscode.house.gov/view.xhtml

 

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