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Fair and Accurate Credit Transactions Act of 2003

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Fair and Accurate Credit Transactions Act of 2003
The Fair and Accurate Credit Transactions Act also referred to as FACT seeks to amend many areas the Fair Credit Reporting Act fails to address and provide solutions to these issues. The Fair and Accurate Credit Transactions Act of 2003 was passed by congress in November of 2003 and later signed into law by president Bush December 4, 2003. Fact was developed in response to the idea that credit was being issued unfairly and inconsistently. The Act is designed to remove discrepancies and improve the accuracy of the national credit reporting system. The act also addresses identity theft issues and outlines assistance to identity theft victims. It contains provisions enhancing consumer rights in situations involving alleged identity theft, credit scoring, and claims of inaccurate information. It requires use of consumer reports to provide information to consumers who are offered credit on terms that are not on par with the offers the creditor makes to the largest portion of its customers. Companies that share consumer information with partner companies must provide consumers notice and an opt-out for sharing of such information if the information will be used to try to solicit consumers. I believe this legislation to be of most importance to banking and credit consumers. I believe this legislation provides the framework to ensure a more efficient and fair credit system. FACT helps to establish procedures that ensure no one is being offered credit on terms related to social politics or other inapplicable things. One of the only negative outcomes of FACT for consumers is that it basically forbids states from enacting any other provisions or protections.
Bibliography
house, P. r. (2004, august). Privacy Rights Clearing House. Retrieved September 4, 2012, from http://www.privacyrights.org/fs/fs6a-facta.htm…...

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