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Fair and Accurate Transaction Act

Facts about the Fair and Accurate Credit Transactions Act (FACTA)

1. Passed in December 2003; Full details for requesting your free credit reports

2. Added new regulations for identity theft protections, data privacy and credit report access;

3. Requires an on-line program where consumers can request "one free credit report per year"

4. Consumers can request one free consumer disclosure from each credit reporting agency once per year. There are three methods for obtaining your free annual credit reports:

Method 1: Use the central web site at www.annualcreditreport.com

Method 2: Call the free annual credit report number, toll-free at 877-322-8228

Method 3: Request your copy of the Annual Credit Report Request Form and mail it to:

Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281

Credit Reporting Email Scam

WARNING . . . if you receive an e-mail that says...
"Just wanted to let everyone know who hasn't already heard, the four major credit bureaus in the U.S. will be allowed, starting July 1, to release your credit info, mailing addresses, phone numbers... to anyone who requests it. If you would like to "opt out" of this release of info you can call 1-888-567-8688. It only takes a couple of minutes...all you need is your social security number."

DO NOT respond! The email is full of false information... Read More Here

Identity Theft - Don't Become a Victim

According to a recent document published by the U.S. General Accounting Office, thousands of people report they are victims of identity theft every year and many more identity theft-related crimes go unreported. The report goes on to say, " Victims typically spend over 175 hours and $10,000 per incident to resolve these problems!

For over eight years I've been urging visitors to check their personal credit reports at least once per year or more often if they plan to purchase big-ticket items like homes and cars. According to the * U.S. PIRG's consumer web site, "One in four credit reports contain errors serious enough to cause consumers to be denied credit, a loan, an apartment or home loan or even a job!"

U.S. PIRG collected 200 surveys from adults in 30 states who reviewed their credit reports for accuracy. Key findings include:

  • Twenty-five percent (25%) of the credit reports contained errors serious enough to result in the denial of credit;

  • Seventy-nine percent (79%) of the credit reports contained mistakes of some kind;

  • Fifty-four percent (54%) of the credit reports contained personal demographic identifying information that was misspelled, long-outdated, belonged to a stranger, or was otherwise incorrect;

  • Thirty percent (30%) of the credit reports contained credit accounts that had been closed by the consumer but incorrectly remained listed as open.

When Congress passed the Fair and Accurate Credit Transactions Act (FACT Act) in December 2003, one of the most important rights they gave us is the right to a free annual credit report on request every 12 months. It's important to know that this is NOT per calendar year! If you ordered a report in October 2004, you can order another free report in October 2005.

The new FACTA lets consumers take steps to protect their credit histories because it gives us the right to obtain free credit reports each year; a powerful tool for combating credit card fraud and identity theft.

Guard Against ID Theft - Learn How Here

* U.S. PIRG is the national lobbying office for state Public Interest Research Groups. State PIRGs are public interest advocacy organizations with offices around the country. U.S. PIRG's consumer webpage is at http://www.pirg.org/consumer.

* U.S. PIRG is the national lobbying office for state Public Interest Research Groups. State PIRGs are public interest advocacy organizations with offices around the country. U.S. PIRG's consumer webpage is at http://www.pirg.org/consumer.