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 and, fair, accurate, credit and/or act:
“Is America a land of God where saints abide for ever? Where golden fields spread fair and broad, where flows the crystal river? Certainly not flush with saints, and a good thing, too, for the saints sent buzzing into man’s ken now are but poor- mouthed ecclesiastical film stars and cliché-shouting publicity agents.
Their little knowledge bringing them nearer to their ignorance,
Ignorance bringing them nearer to death,
But nearness to death no nearer to God.”
—Sean O’Casey (1884–1964)
“It is time that we start thinking about foundational issues: about our attitudes toward fair trials... Who are the People in a multicultural society?... The victims of discrimination are now organized. Blacks, Jews, gays, women—they will no longer tolerate second-class status. They seek vindication for past grievances in the trials that take place today, the new political trial.”
—George P. Fletcher, U.S. law educator. With Justice for Some, p. 6, Addison-Wesley (1995)
“The business of a novelist is, in my opinion, to create characters first and foremost, and then to set them in the snarl of the human currents of his time, so that there results an accurate permanent record of a phase of human history.”
—John Dos Passos (1896–1970)
“The most threatened group in human societies as in animal societies is the unmated male: the unmated male is more likely to wind up in prison or in an asylum or dead than his mated counterpart. He is less likely to be promoted at work and he is considered a poor credit risk.”
—Germaine Greer (b. 1939)
“If your mother tells you to do a thing, it is wrong to reply that you won’t. It is better and more becoming to intimate that you will do as she bids you, and then afterwards act quietly in the matter according to the dictates of your better judgment.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)