Introducing the Fair Accurate Credit Transactions Act
The Fair Credit Reporting Act contains detailed instructions and guiding laws that regulate credit activities.
The original credit reporting act was created in 1970 but over the years there arose the need to revisit the act in order to provide proper protection for consumers.
This was done in 2003 and a new version, The Fair Accurate Credit Transactions Act was created allowing consumers to have a say in what goes on in their credit file.
Provisions have been made within the new act for improved resolution of customer complaints, annual access to free credit reports, security and access to see credit scores and factors used to calculate those scores.
Improvement in terms of security allows consumers to place fraud alerts on their credit files with the bureaus.
Fraud alerts allows for extra security steps before an account is opened therefore making it harder for identity thieves to open fraudulent accounts.
Provision has also been made under the Fair Accurate Credit Transaction Act to allow customers access to free credit reports from any of the credit bureaus via phone calls, email or from the website annualcreditreport.
com.
Because most creditors do not properly verify accounts before placing it with the bureaus, customers can now directly dispute an account on their credit report.
This was not available in the previous act.
Customers can also ask for an investigation to be carried out against an item in their report and depending on the results the negative item can be deleted from your report by the bureaus.
The original credit reporting act was created in 1970 but over the years there arose the need to revisit the act in order to provide proper protection for consumers.
This was done in 2003 and a new version, The Fair Accurate Credit Transactions Act was created allowing consumers to have a say in what goes on in their credit file.
Provisions have been made within the new act for improved resolution of customer complaints, annual access to free credit reports, security and access to see credit scores and factors used to calculate those scores.
Improvement in terms of security allows consumers to place fraud alerts on their credit files with the bureaus.
Fraud alerts allows for extra security steps before an account is opened therefore making it harder for identity thieves to open fraudulent accounts.
Provision has also been made under the Fair Accurate Credit Transaction Act to allow customers access to free credit reports from any of the credit bureaus via phone calls, email or from the website annualcreditreport.
com.
Because most creditors do not properly verify accounts before placing it with the bureaus, customers can now directly dispute an account on their credit report.
This was not available in the previous act.
Customers can also ask for an investigation to be carried out against an item in their report and depending on the results the negative item can be deleted from your report by the bureaus.