FACT Act Information
What is the FACT Act?
The Fair and Accurate Credit Transactions Act (FACT Act) was signed by President George W. Bush on December 4, 2003, amending certain provisions of the federal Fair Credit Reporting Act (FCRA). The FACT Act came into law in 2003 and is quickly becoming the standard regulation act for protecting consumers from identity theft. The FACT Act is the driving force behind identity theft regulations and is forcing financial institutions to implement identity theft management tools to all retail banking customers.
The FACT Act requires each of the three nationwide consumer reporting agencies (Experian, Equifax and Trans Union) to provide consumers with a free copy of their credit report as often as once every twelve months. A consumer can request their credit reports in one of three ways - online, by phone or by mail. To request a copy of your credit report, please contact the centralized processing center for the three credit bureaus at (877) 322-8228 or online at: www.annualcreditreport.com.
FACT Act Summary Information
- ID Theft Education – The FACT Act requires that credit grantors provide proactive identity theft education information to its banking customers.
- Red Flag Alerts – The FACT Act requires all credit grantors to implement “Red Flag” Alerts. These Red Flag Alerts are defined as identity theft alert notification warnings that inform consumers of any potential fraud that might jeopardize anyone’s personal information.
- ID Verification – The FACT Act requires all credit grantors to verify and confirm the identity of all online customers. This applies to all online applications and credit report delivery services.
- FREE Credit Freeze and Fraud Alerts – The FACT Act requires that all identity theft victims have the right to place FREE credit freeze, credit lock and credit fraud alerts on their personal credit files to prevent any additional credit fraud activity.
How do I request my consumer disclosure?
You can request your FACT Act consumer disclosures from each of the credit reporting agencies online at annualcreditreport.com. You can also submit your request by phone or mail. This program started to roll out in December 2004 for consumers residing in the Western states.
When is my state eligible?
The FACT Act roll-out schedule - US residents can request their free consumer disclosure reports every 12 months anytime after their state's roll-out date:
- 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.
Additional Sources of Information Regarding the FACT Act
The FACT Act Law (full text): click here to download Adobe PDF File
White House Fact Sheet: President Bush Signs the Fair and Accurate Credit Transactions Act of 2003: click here to read the Official News Release
Additional Fair Credit Report Act (FCRA) resources
The notices prescribed by the FTC for consumers, users and information furnishers can be found here
Supporting Documents
FACT Act Notice 1 - Remedying the Effects of Identity Theft (1.14.05).pdf
FACT Act Notice 2 - A Summary of Your Rights Under the Fair Credit Reporting Act (1.14.05).pdf
FACT Act Notice 3 - NOTICE TO FURNISHERS OF INFORMATION - OBLIGATIONS OF FURNISHERS UNDER THE FCRA (1.14.05).pdf