The Act which amends the Fair Credit Reporting Act, provides consumers with protections regarding credit reports and other centralized databases of consumer information. The changes improve ways that consumers can increase the accuracy of credit reports, help prevent identity theft, allow consumers to receive a free credit report every year, and restrict the marketing of financial products resulting from the sharing of sensitive information.
Fair and Accurate Credit Transactions Act of 2003
|Fair and Accurate Credit Transactions Act
This website contains the full-text of the Fair and Accurate Credit Transactions Act of 2003.
Fair Credit Reporting Act
This Act establishes procedures for correcting mistakes on your credit record and requires that your record only be provided for legitimate business needs.
Members in public practice and industry should inform their clients and employers of the rule’s provisions, which permit affected organizations and individuals to identify disposal measures that correspond to the sensitivity of the information, the costs and benefits of various disposal methods and changes in related technology. Financial institutions subject to the Disposal Rule and the Gramm-Leach-Bliley Safeguards Rule, which requires institutions to protect sensitive customer information, should add related practices to the information security program the Safeguards Rule requires them to establish.
In October 2007, the Federal Banking Agencies - Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve Board (the Board), Federal Deposit Insurance Corporation (FDIC), Office of Thrift Supervision (OTS), and National Credit Union Administration (NCUA) along with the Federal Trade Commission (FTC), jointly issued final rules on identity theft “red flags” and address discrepancies. The final rules implement sections 114 and 315 of the Fair and Accurate Credit Transactions Act of 2003.