1 ill Consolidation
Alliance

Debt Consolidation - Bill Consolidation - Credit Repair

Fair And Accurate Credit Transaction Act

Home

About Us

Advantages

Sample Results

Qualifying

Q & A

Free Quote

Credit Repair

Reach Us

Consumer Alert

Congress recently past the Fair And Accurate Credit Transaction Act, or FACTA, which allows consumers to obtain a copy of their credit report without charge once a year.

Below is the central clearing house for obtaining your credit report from the 3 major credit bureaus: Experian, Trans Union and Equifax.

Annual Credit Report

One of the main reasons for passage is to give consumers added protection against identity theft. Below are the major highlight of the bill:

This new law is designed to:

• Give consumers the right to obtain their credit report free of charge every year. Consumers will be able to review a free report every year for unauthorized activity, including activity that might be the result of identity theft.

• Guarantee access to the credit score used to evaluate and price loans and mortgage applications.

• Require merchants to leave all but the last five digits of a credit card number off store receipts, to help prevent identity theft. This law will make sure that slips of paper that most people trash does not contain their credit card number, a key to their financial identities.

• Create a national system of fraud detection to make identity thieves more likely to be caught. Previously, victims would have to make phone calls to all of their credit card companies and three major credit-reporting agencies (Equixfax, Experian and Trans Union) to alert them to the crime. Now consumers will have the power to place fraud alerts on their credit files if they suspect that fraud has occurred. Those alerts, in turn, will instruct banks and other creditors not to open new accounts or extend additional credit to anyone without contacting the consumer first.

• Require lenders and credit agencies to take action before a victim even knows a crime has occurred. With oversight by bank regulators, the credit agencies will draw up a set of guidelines to identify patterns common to identity theft, and develop methods to stop identity theft before it can cause major damage.

• Give consumers the option, with some exceptions, to opt out of receiving marketing calls or mail from companies they do business with.

The preceding information was provided by Bill Consolidation.net