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#Fair and accurate credit transactions act free#
Requires a consumer reporting agency to inform the consumer that the consumer may request two free copies of the consumer's file containing the fraud alert.
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Requires a consumer reporting agency, upon the request of a consumer who files an identity theft report, or upon receipt of a properly completed copy of a Federal Trade Commission (FTC)-developed and standardized affidavit of identity theft, to: (1) include a fraud report in the consumer's file for seven years (unless the consumer requests its removal) and (2) for five years exclude the consumer from any list provided to a third party to offer credit or insurance to the consumer as part of a transaction the consumer has not initiated. Requires the agency to inform the consumer that the consumer may request a free copy of the consumer's file. 112) Requires a consumer reporting agency, upon consumer good faith allegation and direct request, to include a fraud alert in the consumer's file for at least 90 days (one-call fraud alert) and provide that alert along with any credit score generated in using that file. Postal Inspection Service and any law enforcement agency and (3) the filing of which subjects the person filing the report to criminal penalties relating to the filing of false information if, in fact, the information in the report is false.ĭefines reseller as a consumer reporting agency that: (1) assembles and merges information contained in the database of another consumer reporting agency or multiple consumer reporting agencies concerning any consumer for purposes of furnishing such information to any third party and (2) does not maintain a database of the assembled or merged information from which new consumer reports are produced. Title I: Identity Theft Prevention and Credit History Restoration - Subtitle A: Identity Theft Prevention - (Sec.111) Amends the Fair Credit Reporting Act (FCRA) to define active duty military consumer as a consumer in military service who: (1) is on active duty or is a reservist performing duty under a call or order to active duty and (2) is assigned to service away from the consumer's usual duty station.ĭefines fraud alert and active duty alert as a statement in the consumer's file that: (1) notifies all prospective users of a consumer report that the consumer may be a victim of fraud, including identity theft, or is an active duty military consumer, as applicable and (2) is presented in a manner that facilitates a clear and conspicuous view of the statement by any person requesting such report.ĭefines identity theft report as one: (1) that alleges an identity theft (2) that is filed by a consumer with an appropriate Federal, State, or local government agency, including the U.S. States that in no case shall the effective date be later than ten months after the date of issuance of such regulations in final form.
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3) Requires the Board of Governors of the Federal Reserve System (Board) and the Federal Trade Commission (FTC) to jointly prescribe final regulations that establish effective dates for this Act before the end of the two-month period beginning on the date of the enactment of this Act. Shown Here:įair and Accurate Credit Transactions Act of 2003 - (Sec.