What is the Fair and Accurate Credit Transactions Act?

The Fair and Accurate Credit Transactions (FACT) Act is a Federal law that was enacted in 2003 to help protect the privacy of consumers in Delaware and across the nation. It provides consumers with the right to receive a free credit report from the three major credit bureaus each year and the right to dispute and correct any errors that may appear on their credit report. The FACT Act also provides for greater disclosure of the sources of information that appear on credit reports, such as collection agencies, employers, and landlords. It also requires creditors to provide consumers with written notice before they report negative information to credit bureaus. Additionally, the FACT Act provides for victims of identity theft to be able to place a freeze on their credit reports if they believe that their personal information has been misused. The FACT Act also requires credit card companies to provide written notice to consumers of increases in their credit card interest rates, and it sets limits on the amount of late payment fees that can be charged. All of these measures help to protect consumers in Delaware and across the nation.

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What is the Fair and Accurate Credit Transactions Act?

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