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The FACT Act: Freeing Credit Reports, Regulating Fraud Processes
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The FACT Act: Freeing Credit Reports, Regulating Fraud Processes
In this news flash, Financial Insights discusses the costs and benefits of the free credit report rule mandated in the Fair and Accurate Credit Transactions Act and effective on December 1, 2004 for consumers residing in U.S. West Coast states. The report discusses future rulemaking around credit report accuracy and identity theft. The report also describes the many other provisions in the FACT Act aimed at protecting consumers from identity theft and unfair credit practices “The FTC has shown that the benefits of greater credit report accuracy have been difficult to quantify,” explains Sophie Louvel, a research analyst in Financial Insights Banking practice. “Congress has asked the FTC to conduct a study on accuracy with the final results due in 2014. In the meantime, we expect proposed ‘accuracy’ requirements on furnishers to remain on the negotiating table as the government allows the free credit report rule to take effect. By contrast, we do believe further rule-making will take p
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Credit · FACT · Fraud · Freeing · Processes · Regulating · Reports
