Fair And Accurate Credit Transactions Act
The Fair and Accurate Credit Transactions Act of 2003 (abbreviated FACT Act or FACTA, Pub.L. 108-159) is a United States federal law, passed by the United States Congress on November 22, 2003, and signed by President George W. Bush on December 4, 2003, as an amendment to the Fair Credit Reporting Act. The act allows consumers to request and obtain a free credit report once every twelve months from each of the three nationwide consumer credit reporting companies (Equifax, Experian and TransUnion). In cooperation with the Federal Trade Commission, the three major credit reporting agencies set up the website, AnnualCreditReport.com, to provide free access to annual credit reports.
The act also contains provisions to help reduce identity theft, such as the ability for individuals to place alerts on their credit histories if identity theft is suspected, or if deploying overseas in the military, thereby making fraudulent applications for credit more difficult. Further, it requires secure disposal of consumer information.
Read more about Fair And Accurate Credit Transactions Act: Provisions, Criticism
Famous quotes containing the words fair, accurate, credit and/or act:
““He neither shall be christened
In white wine or red,
But with fair spring water,
With which we were christenèd.””
—Unknown. As Joseph Was a-Walking (l. 17–20)
““The matrix is God?”
“In a manner of speaking, although it would be more accurate ... to say that the matrix has a God, since this being’s omniscience and omnipotence are assumed to be limited to the matrix.”
“If it has limits, it isn’t omnipotent.”
“Exactly.... Cyberspace exists, insofar as it can be said to exist, by virtue of human agency.””
—William Gibson (b. 1948)
“The world is a puzzling place today. All these banks sending us credit cards, with our names on them. Well, we didn’t order any credit cards! We don’t spend what we don’t have. So we just cut them in half and throw them out, just as soon as we open them in the mail. Imagine a bank sending credit cards to two ladies over a hundred years old! What are those folks thinking?”
—Sarah Louise Delany (b. 1889)
“Fatigue dulls the pain, but awakes enticing thoughts of death. So! that is the way in which you are tempted to overcome your loneliness—by making the ultimate escape from life..—No! It may be that death is to be your ultimate gift to life: it must not be an act of treachery against it.”
—Dag Hammarskjöld (1905–1961)