The facts about the FACT Act

    In December 2003, President Bush signed the Fair and Accurate Credit Transactions Act (FACT).  The FACT Act amends many areas of the Fair Credit Reporting Act and adds several new provisions. One of these provisions requires Experian, TransUnion and Equifax to provide consumers, upon their request, with a free copy of their credit report each year.

     While various portions of this law have various effective dates since March 1, 2003, many changes that will have the greatest impact of you become effective December 1, 2004.

     Some of the changes that you should be familiar with include:

      You must be provided a consumer a copy of your credit score and a “Notice to the Home Applicant” under §609(g)

      You must be notified if you get a credit extension on material terms that are materially less favorable than the most favorable terms available to a substantial proportion of consumers, based on a consumer repost under §615(H)

      You must be given a list of policies and procedures when receiving a notice of discrepancy in address under §605(H)

      Your to be given policies and procedures used to verify your identity and to confirm that your application is not the result of identity theft under §605A(H) and related duties under §§515(e) and (f)

      You must be provided transaction records if you claim to be a victim of identity theft under §609(e)

      You must be given an accurate report of information that is provided to the consumer reporting agencies under §623

      You must be assured that your personal consumer information will have been properly disposed of under §628

 
    If not familiar with the responsibilities that your lender must provide you under this new law contact your credit reporting representative or the FTC website at www.ftc.gov to obtain more information on how this law pertains to you.

 Contact us at: info@sucasamortgage.org