Fact ACT Compliance


If your company handles credit reports during the course of its day-to-day business, you need to know the answer to this question. Credit Plus, Inc. is committed to ensuring you have the tools and information you need to deal with this new legislation. Here's what you need to know:

The FACT Act affects consumers, lenders, and businesses

How does the FACT Act affect your business?


How can Credit Plus help mortgage lenders comply?


How can consumers receive a free consumer credit report?

The FACT Act, sometimes called FACTA, stands for the Fair and Accurate Credit Transactions Act. Passed on January 1, 2004, the FACT Act made some important changes to the Fair Credit Reporting Act (FCRA).The amendments were designed to make improvements in three major areas:

1. Access. The laws under the FACT Act are designed to help consumers get easier access to their credit files with the national credit bureaus.

2. Protection. Many of the new provisions are geared toward providing more comprehensive protection against identity theft and fraud.

3. Accuracy. Because the quality of a consumer’s credit can largely affect their ability to purchase a home or car, or to get other types of financing, the Act also aims at improving the accuracy of credit report information.

As is often the case with new legislation, there are still many unanswered questions about how businesses in unique industries will be affected. The Federal Trade Commission and other governing agencies are still in the process of figuring out when and how to enforce the new laws. So, while the feds and politicians iron out the nitty-gritty details, now’s a good time to wrap your head around the basics — especially the ones that might directly impact your business.

Read on about FACT Act implications...