| September-2004 | Page 1 |
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You Are Asking . . . . Q: Do you have an uncomplicated explanation/description of the Fact Act that we can provide to employees or customers? A: The Fair and Accurate Credit Transactions Act of 2003 (Public Law 108-159),
known as the “FACT ACT,” amends the Fair Credit Reporting Act.
The chief aims of the FACT Act are to combat identity theft and to increase
the accuracy of consumer credit reports. Many of the provisions added by the
FACT Act will become effective at different times between December 31, 2003,
and December 1, 2004, depending on the results of rulemaking proceedings announced
by the Federal Trade Commission and Federal Reserve Board on December 16, 2003.
Banks and other lenders should have already reviewed or review now a copy of
the law, determine what aspects of loan and deposit operations will be affected
by the changes, and begin development of new policies and procedures or changes
to existing policies and procedures. --- Consumers will be able to place fraud alerts and active duty alerts on their credit files. A bank or other company that receives a consumer report containing an alert will not be permitted to extend more credit to the consumer,
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